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1. Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case, justify your classification.
2. "Even if a firm is losing money, it may be better to stay in business in the short run." Is this statement ever true? Under what condition(s)? How does this relate to the "shut-down rule?"
3. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain why price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive.
4. "That segment of a competitive firm's marginal-cost curve that lies above its average-variable-cost curve constitutes the short-run supply curve for the firm." Explain using a graph and words.
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