What is the relationship between a firm’s total revenue, profit, and total cost? 2. What are the market characteristics of perfect competition? What examples come closest to perfect competition? 3. What are the market characteristics of monopoly? Does a monopoly guarantee an monopolist will make a profit? 4. What are the market characteristics of monopolistic competition? What are some example products or firms competing under monopolistic competition? 5. What are the market characteristics of oligopoly? What are some examples of oligopoly?
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