Q1) Evaluate why do oligopolies exists? Elaborate with examples what distinguish oligopoly from monopolistic competition? (10 marks)

Q2) Determine why is a firm's demand curve flatter than total demand curve in monopolistic competition? Suppose a monopolistic competitive firm is making profit in the short run. Justify what will happen to its demand curve in the long run? (10 marks)

Q3) Elaborate the differences and similarities in between monopoly and perfect competition market structure. (10 marks)

Q4) Explain meaning of prisoners' dilemma and dominant strategy. Construct your example on prisoner's dilemma and dominant strategy with payoff matrix. (10 marks)