Subject:Explain why the level of profits differs between market structures?
Guidance:
Explain the assumptions of each market structures including profit maximisation: Perfect Competition and Monopoly (Oligopoly is optional). Support with appropriate diagrams and examples.
Explain the difference between normal and abnormal profits.
Analyse the role of barriers to entry for maintaining abnormal profits in the long run. Analyse the use of price discrimination to increase abnormal profits under monopoly condition.
Conclusion- summarise the main points on market structures and profit maximisation. Evaluate the main factors that determine the llevel of profits?
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