1. What is the connection between advertising and competition? What are the advantages and disadvantages of advertising and/or building a brand? Elaborate in each, give examples. What is the role that advertising plays in the foreign sector? Which market structures rely on advertising?

Elaborate with definitions, examples, current event connections, etc. Add your personal way of interpreting the material.

2. Graph the monopolistic competitive firm taking a loss and explain the process from the short-run loss to the long-run equilibrium. Graph the long-run equilibrium next to your other graph. Briefly explain the process.