In a short essay, explain the competitive advantage strategies of Michael Porter (cost leadership, differenciation, and focus). Use the internet to answer the questions

Don't not use Al How businesses interact in various market structures (perfect competition, monopoly, etc. ) affecting prices and consumer choices.

#4

a. John operates a firm producing t shirts. There are many such firms producingidentical products to John. What market structure is this? Is it possible for John tomake a profit in the long run? Illustrate using an appropriate diagram. b. John decides to innovate his business and begins printing t shirts with customercreated content. Will John be able to make a profit in the short run and the longrun? Explain using relevant diagrams and comment on the implied market c. Provide a strategy for John to make greater than normal profits in the long run. Isthis likely to be the case in the market for this good?