Advanced Placement (AP), 07.04.2020 22:43 JorgeW5St

3. Microeconomics studies the effect of market structure on market outcomes, such as price, output,
profit, and efficiency. Imagine that the government is considering two ways to move a pure monopolist
toward a more competitive position:

(a) A monopolistically competitive market

(b) A perfectly competitive market

For each of these two options, describe how the change would affect the following:

i. The market price
ii. The profit-maximizing level of output
iii. Economic profit
iv. Allocative and productive efficiency

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