Answer:
1. Can earn economic profit in the long run - MONOPOLY AND OLIGOPOLY
Monopolies and Oligopolies both have less competition in their market types which means that they can make economic profit in the long run.
2. Produces at lowest possible average cost in the long run - PERFECT COMPETITON
With so many firms involved in the market in the long run, firms come up with cost cutting strategies to enable them stay in business.
3. The pricing choices of one firm have a dramatic effect on other firms in the market - OLIGOPOLY
As there are few firms in such a market, the prices that one firm has can influence the choices of other firms. If one firm increases prices, the others could reduce prices to capture market share or collude and increase their own prices as well.
4. Faces a downward sloping demand curve - MONOPOLY, OLIGOPOLY, MONOPOLISTIC COMPETITION
All three of these markets face a downward sloping demand curve because they have to decrease their prices to sell more goods.
5. Usually faces entry from new firms - PERFECT COMPETITON and MONOPOLISTIC COMPETITION
Both these markets se firms entering and exiting because there are no barriers to entry.
6. Is typically protected by barriers to market entry - MONOPOLY and OLIGOPOLY
These two have barriers to entry that restrict the number of firms in the market.
