uestion Three (a) With reference to the Lerner Index, demonstrate the relationship between a firm's price mark-up and the price elasticity of demand for its product. Interpret this index. (5 marks) (b) Identify and briefly explain five factors that will enhance a monopolist's market power. (5 marks) (c) As a manager of a popular oligopolistic firm in your country, outline five key lessons that you could draw from the conduct and operations of oligopolies in your line of business, even as you position your firm in the industry