1.Compare and contrast the market conditions, market power and market outcomes that distinguish monopolistic competition from pure competition. How are the efficiency end-results of monopolistic competition different from those of pure competition? In your answer, discuss how economists view the desirability of the economic efficiency end-results in monopolistic competition.(Please attach references)

2.When analyzing the short-run decision-making of firms, economists argue that it is not always rational to temporarily shut-down a production plant when the industry's product price falls below the average total cost of production. Instead, economists recommend that managers perform "shutdown point analysis" before making any decisions to continue production or shut down operations. Completely explain the economic rationale behind shutdown point analysis.(Please attach references)