1. Please explain the concept of productivity and factory production and the importance of rising productivity for overall social welfare. In the presence of a monopoly in most industries, should we expect a fast rise in the standard of living? Why yes or why not? Please discuss.
2. Based on the concept of SWOT Analysis, please discuss relevant considerations of a technology company (like say IBM) thinking about producing and marketing a new smartphone in 2021.
3. Please explain the origins/backdrop of the rising standard of living and social welfare in the last 100 years. Is it good for consumers to buy products from an industry characterized by competition among sellers? What is the objective of consumers and why products sold in a perfectly competitive industry may help consumers attain their objective taking into consideration the constraints they are faced with?
4. To maximize profits is it better for a firm to sell special (almost unique and differentiated) products or generic products? Why is product differentiation important for firm profitability? Can you provide an example of a company whose products are considered significantly differentiated by its customers relative to its competitor products?

5. If in a particular industry market penetration is very high (more than 97%), industry market growth is low (i.e., 2% annually) and each of the existing 3 or 4 corporations control a significant market share in that industry, what are the prospects for a new company entering and marketing its similar product in that industry? Please discuss.