ECO 365 Week 3 participation Monopoly Profits

Class,

What conditions exist when economic profits are maximized? What is the difference between economic and accounting profits? What are economic profit-maximizing strategies that may be made by a perfectly competitive firm, a monopolist firm, and a monopolistic competitive firm? Provide examples and explain the strategies’ effectiveness in their respective market structures.

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.