1. How could monopolies efficient in the real world?
2. Monopolistic competitive firms are no economically efficient. However, they can still be accepted and desired by consumers. Why? can someone help me explain?
3. Name an implicit cost and explicit cost of going to a concert.
4. Why collusion is attractive to oligopolies and what 2 obstacles may get in the way of a successful collusion.
5. where to see the market heads toward in the future? for example, a giants company like amazon has taken our traditional stores for clothing and even groceries. Instagram has taken the costs out of advertising. Please provide some explain.