1.Identify any five examples of industries operating under conditions of monopolistic competition and outline any of their salient features to justify your selection

2.Explain, with the aid of a graph, the short run equilibrium position of a firm operating in the monopolistic competitive market structure".Marks will be awarded for your ability to integrate theory with the scenario provided.

3.You have been appointed as an economic advisor to the principle of Bright Sparks College, a firm operating in the market for tertiary education. Over the past 18 months the following simultaneous changes have been noticed in the market for tertiary education:

A decrease in consumer income; An increase in the cost of providing tertiary education services.

Explain, with the aid of a graph, the impact of the above changes on the equilibrium price and equilibrium quantity in the tertiary education market. (Note: Seven marks for a graph and 8 marks for the explanation.)