1. Why would a monopolistically competitive firm's demand curve be very elastic? 2. What is product differentiation? 3. Why would a monopolistically competitive firm's long run profits be zero? 4. Why does an oligopoly face a kinked demand curve? 5. Do some reading on predatory pricing. Why and how would it be used by a cartel? 6. Is it possible for monopolistic competition to exist in an industry where many firms sell identical products? Explain using examples