1. 1ll'lll'hy is monopolistic competition considered to he the largest market structure of all? Answe r: 2. If an industry selling a homogeneous product loses many of its sellers,r until a few survive, which market structure would it become at this point? Explain. Answe r: 3. 1ll'll'hy are cartels unique to oligopolies? B] Can cartels form for everyday products and services? Give an dimple. C} And what makes a cartel? Answe r: 4'. Which possible market structure[s] can be represented in the graph below? B] And is this rm prot maximizing or loss minimizing? Answe r: I'lliiliili mmomlcshilII-Wl 5. Which market structure is represented in the graph below, and b} is this rm maximizing profits or minimizing losses and by how much exactly? Explain. Answe r: FIGUFIE 12.1\" Problem 9 '3 I 2 3 4 5 a 7 B Quantity "light: par clay] 5. Does the graph below represent a price searcher or a price taker? B] and is this company making a prot? Answer: Marginal oust Marginal [MHIJE Pricenwginal mm. marglnal cost Quantity per period The next four questions (Q? [110] are based on the graph below: 100 90 80 MC 70 ATC 60 Price (dollars per round of golf) 30 20 D = AR 10 0 100 200 300 400 500 600 700 800 900 1000 MR Quantity (rounds of golf per week) 7. Based on the graph above, what's the price of this product? Answer: 8. Based on the graph above, what's the ideal number of units this firm should produce? Answer: 9. Based on the graph above, what's the ATC? Answer: 10. Based on the graph above, what's the profit or loss for this firm? Answer: 11. How can a firm in a competitive market like monopolistic competition, selling only a slightly differentiated product in reality, rise up to the status of dominance? Answer: 12. Rank the four market structures from least elastic to most elastic