1) As the chapter points out, the Internet has made the U.S. economy more competitive by lowering barriers to entry and exit from industries. a) To what extent is the Internet itself competitive? b) Can competitive conditions develop from information technology, a technology that was created initially by centralized planning, that depends on agreed-upon rules to conduct business, and that has notoriously low marginal costs? (Think of the cost of downloading a song off the Internet ) 2) Copyrights provide authors with a monopoly a) What effect would eliminating copyrights have on the price and output of textbooks? b) Should copyrights be eliminated? 3) What did Adam Smith mean when he wrote, "Seldom do businessmen of the same trade get together but that it results in some detriment to the general public"