Market structure and characteristic of market structure

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1. How does the long run differ from the short run in pure competition? How do profits and losses drive the long-run adjustment process of pure competition?

2. What is the difference between a market structure and a characteristic of market structure? What are the main characteristics of the four basic market models? How can purely competitive firms use the total-revenue-total-cost approach to maximize profits or minimize losses in the short run?

3. Why are monopolistic competitors only earning a normal profit in the long run? Why does monopolistic competition deliver neither productive nor allocative efficiency?

Reference no: EM132205679

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