Differentiate between any three:

 (a) Long run equilibrium of Monopoly and Perfect competition

 (b) Bertrand and Stackelberg model

 (c) First Degree and third-degree price discrimination 

(d) Asymmetric Information and Moral Hazard

(a) Long-run equilibrium of Monopoly vs Perfect Competition: In perfect competition, the long-run equilibrium occurs when firms enter or exit the market until economic profits are zero, with price equal to marginal cost (P = MC). In contrast, a monopoly restricts output to ____ ___ _________ _____ _____ ______ _____ ________.
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