Learning Objectives - Outline the characteristics of a monopolistically competitive firm. - Explain the role differentiation plays in imperfectly competitive markets. Review Review the following articles about the economic and social impact of advertising: . Social and Economic Impacts of Advertising (http://ezinearticles.com/?Social-and-Economic-Impacts-of-Advertising&id=608191) . Economic Impact of Advertising (http://www.slideshare.net/amlincms/economic-effects-of-advertisemnts) I How to Value the Advertising-Supported Intermet (http://blogs.hbr.org/quelch/2009/06/how_to_value_the advertisingsu.html) Research & Reflections Find two more sources that discuss the economic and social impact of advertising. Take a few moments and compose some brief study notes on your thoughts after reading these sources. Draw on the following questions to help you form your thoughts: . What are the benefits and disadvantages of advertising for a firm in a monopolistic competitive market? - What is the largest positive and most negative impact of advertising? . Give an example for each. . If you had a company, what would be your advertising plan using the Internet as the medium? Discussion Discuss your points from the above step with the rest of the class in Discussion #5: Advertising the Differences in the Discussions area. Include links to your two sources in your post. Also in the online discussion topic, as a class help draw a graph on each of the following scenarios of a monopolistic competitive company. A single person can start the graph and others can add or alter it. For the graph, consider the impact on costs, revenue, price, profit, and quantity sold (output) when advertising efforts have a - positive impact . negative impact, or . no impact