Problem
1. Compare the four types of markets-perfect competition, monopoly, monopolistic competition, and oligopoly-in relation to their profit-earning status in the long run.
2.
(a) What is the Lerner index? What is it meant for and how significant is it to understand the business market?
(b) What is the Hefindahl index? What is it meant for and how significant is it to understand the business market?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.