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Answer the following questions regarding the perfectly competitive market structure. (a) Explain how a perfectly...

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Answer the following questions regarding the perfectly competitive market structure. (a) Explain how a perfectly competitive market structure determines its price and total quantity, and how this affects the equilibrium choice of the perfectly competitive firm, making sure you write down the equilibrium condition that describes the firm's choice. Augment your answer with well labelled diagrams. (b) Depict on a well labelled diagram the short run equilibrium of a perfectly competitive market structure where the firm is making positive profits. Making sure you highlight the profit on your diagram. (c) Explain how in the long run, such a competitive firm would reach its long run equilibrium of zero profit, making sure you describe how the mechanism works 1 through the market. You must explain your answer with the appropriate well labelled diagrams. (d) Explain the difference between a Perfectly Competitive Market Structure versus that of a Monopolistic Competition

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