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Describe in words the graph of marginal costs, average total costs, average variable costs, and average...

Describe in words the graph of marginal costs, average total costs, average variable costs, and average fixed costs. Be as detailed as possible in describing them as a curve in and of themselves and their various positions relative to one another.

2. Identify the four market models, describe them individually, and then compare and contrast them with one another.

3. Identify and describe in detail the various short-run cases firms may find themselves in using the marginal-revenue-marginal-cost approach.  

4. Describe the state of "long-run equilibrium" in as much detail as you can.

5. Assuming pure competition and long-run equilibrium are possible in the real world, what impact would this have on efficiency?

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