1. What are the relative advantages of buying a good or service produced by a firm in an oligopoly market structure versus the relative advantages of buying a good or service by a firm in a monopolistically competitive market structure? Use real life examples in your answer (they may be the same as in questions 1 and 2, or different).

2. In the following diagrams, what will be the price? The quantity sold? The profit or loss? Explain how you found your answers.