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What are the conditions of perfect competition

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Reference no: EM132288647

Please answer the following:

1) What are the conditions of perfect competition?

2) What is the key assumption of a perfectly competitive market?

3) What are the sources of a Monopoly?

4) What is the characteristic of long-run equilibrium for a perfectly competitive firm?

5) Monopoly is characterized by___________?

6) Compare perfect competition and a monopoly?

7) Firms seek to maximize what?

8) What is a profit maximization rule?

9) What is a shut-down rule?

10) Per unit profit equation? What is the equation for profit calculation?

11) What is the optimal output rule?

Reference no: EM132288647

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