Please answer the following questions

1.Whatdo you think is/are the importance of understanding the monopolistic competition in the market. How economists/managers does benefits in understanding this market typology.

2.Are the following company an example of a monopolistic competition? If your answer is yes or no. Support your claim with facts and data. (Jollibee, Starbucks, Apple, Samsung, Walmart, and Seven eleven).

3.In what instances will the economists/managers use short run and long run production? Give actual scenarios in the organization.