1.What does (successful) product differentiation do to its demand curve?

2.Does a differentiation strategy enable firms to earn economic profits in the short-run? What about in the long-run?Explain both of your answers

3.Does differentiation matter in a Bertrand oligopoly? Explain

4.What conditions are necessary for the Coase Theorem (1960) to hold in practice?

5.Which market frictions did Coase (1935) suggest people avoided by organizing as corporations and appointing managers to allocate resources?

6.Explain what is meant by the term "regulatory capture"

7.Contrast cost-benefit analysis with the pareto test for regulation

8.Describe the impact barriers to entry have on market equilibrium

9.Are markets with barriers to entry more or less likely to have cartels?Explain

10.Some industries have significant economies of scale, which can lead to the emergence of a natural monopoly. Other than breaking it up, identify two other (different) methods a government could use to ensure consumer surplus is maximized by the firm.