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1. Define and Compute Sr shut down and breakeven price, identify the short run supply curve...

1. Define and Compute Sr shut down and breakeven price, identify the short run supply curve of the firm.

2. Competitive Firm Equilibrium Long run, Exit/Entry in Long Run, Explain why a competitive firm can only earn normal economic profit (define) in long run.

3. Define monopoly, explain why the MR and P( AR) curve for a monopolist are different and why they are downward sloping and why does MR lie below the AR curve. Compute Monopoly P and Q and profits; compare monopoly price/quantity/profits with a competitive market price and quantity. Compute CS, PS, TS for monopoly as well as competitive market. Compare CS, TS, monopoly vs competitive markets; compute and explain the deadweight loss of monopoly markets. Use the comparison to comment on the antitrust laws of the country

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