sic market models? How can purely competitive firms use the total-revenue-total-cost approach to maximize profits or minimize losses in the short run?...

What are the main characteristics of the four basic market models?

How can purely competitive firms use the total-revenue-total-cost approach to maximize profits or minimize losses in the short run?

How does the long run differ from the short run in pure competition?

How do profits and losses drive the long-run adjustment process of pure competition?