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1) On Perfect Competition.

__ What are the main characteristics of a competitive market?

2) On Monopoly.

What gives the government the power to regulate mergers between firms? Give a good reason and a bad reason (from the perspective of society's welfare) that two firms might want to merge.

3) On Monopolistic Competition

_ Does a monopolistic competitor produce too much or too little output compared to the most efficient level? What practical considerations make it difficult for policymakers to solve this problem?

4) On Oligopoly

How does the number of firms in an oligopoly affect the outcome in its market?