The fundamental theorem is proved using the mean value theorem as a lemma. State the mean value theorem. Draw a graph that clearly shows that you understand its conclusion.

Four Market Models - Pure competition - entails a large number of ﬁrms, standardized product, and easy entrance by new ﬁrms - At the opposite extreme, pure monopoly has one ﬁrm that is the sole seller of a product or service with no close substitutes; entry us blocked for other ﬁrms - Monopolistic competition - is close to pure competition, except that the product is differentiated among...