1. What is a competitive market? Briefly describe a type of market that is not perfectly competitive
2. What are the supply schedule and the supply curve, and how are they related? Why does the supply curve slope upward?
3. If demand is elastic, how will an increase in price change total revenue? Explain
4. How is the price elasticity of supply calculated? Explain what it measures.
Please write a 700-to-900 paper in APA Style answering all questions, and include at least 2 reputable sources.
12-pt. Times New Roman font, Double-spaced and 1” margins on all pages.
Please provide a title page including Name, Course Number, Date of Submission
Paraphrasing of content – Demonstrate that you understand the case by summarizing the case in your own words. Direct quotes should be used minimally.
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