Question 12 Use the diagram to answer the following questions.Market Structure and DemandMCATCBD2D3QuantityPrice a. Compare the elasticity of a monopolistic competitor's demand with that of a pure competitor and a pure monopolist.A monopolistic competitor's demand curve is (Click to select) v elastic than that of a pure competitor.A monopolistic competitor's demand curve is (Click to select) v elastic than that of a pure monopolist.b. Using the diagram above, identify the demand curve for each of the following:Monopolist: (Click to select) vMonopolistically competitive firm: (Click to select) -Perfectly competitive firm: (Click to select) -C. Assuming identical long-run costs, as shown in the diagram, identify graphically the price and output that would result in the long rununder monopolistic competition.The long-run price and output for a monopolistically competitive firm is represented by (Click to select)d. Contrast the two market structures in terms of productive and allocative efficiency.Instructions: Complete the table below by selecting options from each of the dropdown menus.AllocativeProductiveEfficiency|(Click to select) (Click to select)EfficiencyPurecompetition (Click to select) v (Click to select)Monopolistic (Click to select) v (Click to select)competition (Click to select) ▼(Click to select) v

Market structure has an impact on the supply of various items on the market. When there is a lot of…

a. Compare the elasticity of a monopolistic competitor's demand with that of a pure competitor and a pure monopolist. A monopolistic competitor's demand curve is (Click to select) elastic than that of a pure competitor. A monopolistic competitor's demand curve is (Click to select) elastic than that of a pure monopolist. p. Using the diagram above, identify the demand curve for each of the following: Monopolist: (Click to select) Monopolistically competitive firm: (Click to select) - Perfectly competitive firm: (Click to select) . Assuming identical long-run costs, as shown in the diagram, identify graphically the price and output that would result in the long run under monopolistic competition. The long-run price and output for a monopolistically competitive firm is represented by (Click to select) ♥