1. Read the managerial challenge titled "Resurrecting Apple in the Tablet World". Answer its discussion questions.

2. Discuss the essence of competitive strategy with examples.

3. Using an example, differentiate Product differentiation strategy and Cost based strategy.

4. Explain the factor that causes barriers to entry for potential entrants to the industry.

5. How does Perfect Competition and Monopoly market differ in term of their market structure characteristics?

6. Why a firm in a purely competitive industry will produce at the level of output where marginal revenue equals marginal cost?

7. Explain the condition of the long-run equilibrium of a firm in a purely competitive industry.

8. Explain competitive market with asymmetric information with example.

9. Explain with example how buyers are affected by incomplete information and by asymmetric information.

10. Explain with example the difference between search goods and experience goods.