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Please answer all the questions. Thanks Q2. The textbook states, Thus, a monopolistically competitive industry will produce too small a quantity of a good and

Please answer all the questions. Thanks

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Q2. The textbook states, "Thus, a monopolistically competitive industry will produce too small a quantity of a good and charge a higher price for it than would a perfectly competitive industry." Explain how this is means that monopolistic competition is not productively efficient? Q3. Does product differentiation in monopoly competition make us better or worse off? Why? Q4. If you were an oligopolist and from only an economic standpoint would you want to act as a cartel? Why? Chapter 13 Q1. Define antitrust laws. Q2. Why is it in the interest of consumers to enforce antitrust laws? (Your answer should include how competition helps increase consumer surplus.)

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