Show your computations where appropriate. 1. For each of the market characteristics or products in the table, insert the

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Show your computations where appropriate. 1. For each of themarket characteristics or products in the table, insert theappropriate market structure. There may be one or two. Useabbreviations PC, MC, O, and M for perfect competition,monopolistic competition, oligopoly, and monopolyrespectively.
Product or service
Product cannot be sold at a lower price
D>MR
Includes most consumer retail products
Firms may be rent seekers
Patented cancer drug
Airbus and Boeing are examples
Has the same graphical solution as monopoly
Ease of entry and exit drive long-run economic profits tozero
Consumers pay more than minimum ATC but enjoy a variety ofproducts
No single buyer can affect the market demand
Consumers have some brand loyalty
Over the road trucking is an example
Market best modeled by game theory
No single supplier can affect the market price
Advertising by a single seller is ineffective