4.College Retirement Equities Fund (CREF) is a pension fund that has billions of dollars invested in the stock market. Fund participants recently voted on a proposal that would have placed strict limits on the amount of compensation paid to CREF executives. Why do you think 75 percent of the participants voted against the proposal? Please give an explanation.

5. (a) Does a baseball club, like the Kansas City Royals, have a monopoly since they are the only baseball club in Kansas City and MLB controls the entry of any new teams in the market and they have not consented to the entry of any new baseball team in Kansas City (does Kansas City Royals provide a unique product for which there are no close substitutes)? Please give an explanation.

(b)Firms like McDonald's and Wendy's sell hamburgers, salads, and other products that are differentiated in nature. While numerous fast-food restaurants exist in most locations, the differentiated nature of the firms' products permits them to charge prices that are more than marginal cost. Given these observations, is the fast-food industry most likely a perfectly competitive industry, a monopoly, monopolistically competitive, or an oligopoly? Please give an explanation