Instructions: Upload your answers to this worksheet on SOUL in one single PDF file. Perfect Competition Monopoly Similarities Goal of firms Maximize Maximize Rule for maximizing profit Can earn economic Yes / No Yes / No profits in SR? Differences Number of firms Marginal revenue MR __ P MR Price P_ MC P MC Market quantity Larger / Smaller Larger / Smaller Market price Higher / Lower Higher / Lower Entry in the LR? Yes / No Yes / No Can earn economic Yes / No Yes / No profits in LR?
Instructions: Upload your answers to this worksheet on SOUL in one single PDF file. Perfect Competition Monopoly Similarities Goal of firms Maximize Maximize Rule for maximizing profit Can earn economic Yes / No Yes / No profits in SR? Differences Number of firms Marginal revenue MR __ P MR Price P_ MC P MC Market quantity Larger / Smaller Larger / Smaller Market price Higher / Lower Higher / Lower Entry in the LR? Yes / No Yes / No Can earn economic Yes / No Yes / No profits in LR?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Instructions: Upload your answers to this worksheet on SOUL in one single PDF file.
Perfect Competition
Monopoly
Similarities
Goal of firms
Maximize
Maximize
Rule for maximizing
profit
Can earn economic
Yes / No
Yes / No
profits in SR?
Differences
Number of firms
Marginal revenue
MR__P
MR
P
Price
MC
MC
-
Market quantity
Larger / Smaller
Larger / Smaller
Market price
Higher / Lower
Higher / Lower
Entry in the LR?
Yes / No
Yes / No
Yes / No
Yes / No
Can earn economic
profits in LR?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9eeb7dcc-4d0c-4db3-8ee2-0bb743335240%2F05b8b513-0f67-4b4d-93da-7ee155e9062b%2F3uvru3g_processed.png&w=3840&q=75)
Transcribed Image Text:Instructions: Upload your answers to this worksheet on SOUL in one single PDF file.
Perfect Competition
Monopoly
Similarities
Goal of firms
Maximize
Maximize
Rule for maximizing
profit
Can earn economic
Yes / No
Yes / No
profits in SR?
Differences
Number of firms
Marginal revenue
MR__P
MR
P
Price
MC
MC
-
Market quantity
Larger / Smaller
Larger / Smaller
Market price
Higher / Lower
Higher / Lower
Entry in the LR?
Yes / No
Yes / No
Yes / No
Yes / No
Can earn economic
profits in LR?
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