Have you ever knowingly purchased a counterfeit product – perhaps a purse or a wallet or maybe a watch for example. What are some of the implications for your purchase decision for the real company as well as for the entrepreneur selling the counterfeit product. Topics to consider include:Why is there a market for counterfeit goods? How does this market benefit sellers? What does it mean for the company producing the real product? Where was the counterfeit product likely to have been made? How do counterfeit products help an economy? How do they hurt it? How do decisions to buy counterfeit items influence new product development policies at companies? Would a legal system that protects property rights changes any of your answers?

1. Which market structure(s) will have zero economic profits in the long run? 2. Which market structure(s) will be a price maker and have barriers to entry?3. There are currently 8 firms in a particular market. There firm sales are given in the table below. What is the four-firm concentration ratio for this industry? Would you classify it as an oligopoly? FirmSales1$1,0002$1,5003$2,0004$2,5005$3,0006$1,0007$5008$2,5004. Although market structures vary widely in their characteristics, what is one common aspect among all of them? Does your previous answer have any potential calculation?5. In the long run, which market structures are likely to have their average cost curve just sit on top of their demand curve? What does this imply for each market structure? Are there any differences in the market structures you gave in your previous answer?6. What market structure(s) are likely to cause a net loss to societal welfare?Answer the questions based on the video you just watched