-How would you distinguish between perfectly competitive markets with monopolistic competition? How do the Cournot model explain behavior of oligopolistic firms?

-How does a consumer maximizes their utility given that they experience a budget constraint?

-What does elasticity of price measure? How does price elasticity impact the burden of a sales tax imposed on a market?

-What are market failures? How can we justify the existence of Government in society? How can government actions remedy the failures of the market?

-What are Fixed Costs and Variable Costs? What is the relationship between Marginal Cost and Total cost? What does the Long Run Average Cost function tell us about Economies of scale, Diseconomies of Scale, and Constant Returns to Scale?

-Why do the existence of Monopoly lead to dead-weight loss to society? What is the profit-maximizing condition of a Monopoly? What would be the socially optimal price?