1. How firmsmake a profit in a monopolistic competitive market?
2. Is Oligopolistic firm acts more likely to a monopoly? or more likely a competitive market? Justify your answer.
3. How will you determine if the firm is under monopoly or monopolistic competitions?
4. Differentiate between perfect competition from monopolistic competition.
5. Describe the advantages and disadvantages to the consumers perspective, if the market is perfectly competitive.