Jack of all trades, master of none, this well-known adage sheds light on the nature of cost curves. A person who tries to do everything usually ends up doing nothing very well. If a firm wants its workers to be as productive as they can be, it is often best to give each worker a limited task that s/he would the best in performing the same. Required: Justify the above statement through detailing down the demerits and merits of specialization with examples. . Question#2: One of the characteristics of competitive market is that firms can freely enter or exit the market. If, for an instance, anyone can start a dairy farm, and if any existing dairy farm owner can leave the dairy business, then the dairy industry satisfies this condition. Much of the analysis of competitive firms does not require the assumption of free entry and exit because this condition is not necessary for firms to be price takers. Required: Explain with examples about the essence of every issue stated in the above statement Question#3: When Microsoft first designed Windows many years ago, it applied for and received a copyright from the government. The copyright gives Microsoft the exclusive right to make and sell copies of the Windows operating system. If a person wants to buy a copy of Windows, she has little choice but to give Microsoft the approximately $100 that the firm has decided to charge for its product. Microsoft is said to have a monopoly in the market for Windows. Required: The aforementioned context states the state of a monopoly market. Describe in detail with examples about all the possible reasons behind the existence of monopoly markets