1) What are two important characteristics of monopolistic competition? 2) What is the relationship between the price charged by a perfectly competitive firm and its marginal revenue?

3) What is the price elasticity of demand of the demand curve faced by a perfectly competitive firm?

4) Which industry has a more elastic demand curve: monopoly or monopolistic competition?

5) What is a natural monopoly?

6) What are economies of scale?

7) What is an oligopoly?

8) What is first degree price competition?

9) What is second degree price discrimination?

10) What is third degree price competition?

11) What is the value of the Lerner Index for a perfectly competitive industry?

12) What range of values for the Herfindahl-Hirschman Index (HHI) indicates that an industry is monopolistically competitive?

13) What is the Herfindahl-Hirschman Index (HHI) for a monopoly? 14) What is a cartel?

15) Which type of market structure exhibits interdependence among the firms?