Please write 2 pages with 3 scholarly peer reviewed sources on the following:
There are four market models: perfect competition, monopolistic competition, oligopoly and monopoly. Briefly discuss the assumptions of each of these four models and give examples of each. Explain the long run economic profit earned by each of the four. Explain how the concept of economic profit might help explain the rationale for the governmentâ€™s granting of monopolies to those firms that protect their product with a patent.
Info on these topics can be found in chapters 8 and 9