Summarize the characteristics for each market structure and compare the outcomes in terms of:equilibrium price;equilibrium quantity;economic profit potential (include the distinction between accounting and economic profit); andefficiency.Summarize how international trade would affect industries in the different market structures (i.e., Would receptiveness to trade likely shift one industry from one market structure to another?). Be sure to integrate concepts, terms, and theories from the readings and module content.

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Summarize the characteristics for each market structure and compare the outcomes in terms of:
- equilibrium price;
- equilibrium quantity;
- economic profit potential (include the distinction between accounting and economic profit); and
- efficiency.
Summarize how international trade would affect industries in the different market structures (i.e., Would receptiveness to trade likely shift one industry from one market structure to another?). Be sure to integrate concepts, terms, and theories from the readings and module content.