Complete the following table:

Explain ‘‘perfect knowledge about the markets’’ feature of perfect competition.

When the price of a good rises from < 10 per unit to < 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from < 10 per unit to < 13 per unit?

From the following total cost and total revenue schedule of a firm, find out the level of output, using marginal cost and marginal revenue approach, at which the firm would be in equilibrium. Give reasons for your answer.

Distinguish between perfect oligopoly and imperfect oligopoly. Also explain the ‘‘interdependence between the firms’’ feature of oligopoly.