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Need help with these problems. Problem 1: Illustrate graphically the main differences between a monopolistic competitive firm and a monopoly firm in the long run.

Need help with these problems.

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Problem 1: Illustrate graphically the main differences between a monopolistic competitive firm and a monopoly firm in the long run. Describe these differences. (4 pts) Problem 2: Describe and illustrate the shape of the oligopolistic firm's demand curve. Does an oligopolistic firm earn positive profit in the long run? Explain. (4pts) Problem 3: Explain why a monopoly is desirable in some circumstances. (3pts) Problem 4: David, an American citizen, owns and manages a restaurant shop in Vancouver. He buys fresh food produced by Canadian workers, pays utilities to a Canadian company, and hires only Canadian citizens. What part, if any, of the restaurant's production is included in Canadian COP? What part, if any, of the restaurant's production is included in Canadian GNP? (4pts) Problem 5 Go to Statistics Canada website and download the last 10 years GDP and GNP figures. Show these variables in one graph with GDP and GNP on the vertical axis and year on the horizontal axis. What can explain the differences between GPD and GNP in these years. (5pts)

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