Describe and draw demand curves for each type of market: perfect competition, monopolistic competition, oligopoly and monopoly.

1) Describe and draw demand curves for each type of market: perfect competition, monopolistic competition, oligopoly and monopoly.
2) How do firms maximize profits in competitive markets? How does this differ from a monopolistic market? Please show what this looks like for each market structure in a graph including demand, supply and cost curves. (This requires both a narrative explanation and accompanying graphs.)
3) Calculate elasticity of demand for the following price and quantity combinations for widgets.
P0 = $17, Q0 = 143
P1 = $19, Q1 = 112

4) Can monopolists charge any price they want and stay in business? Why or why not?

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