Week 9 Homework - Due Apr 16, 2023 11:59 PM . ECO 202 03 - Introduction to Microeconomics For this week's homework, choose any three of the chapter 23 questions to complete. In a Word or Google Doc (make sure if you use Google Docs you share the document) document, provide your answers to the six questions. Be sure to identify which question number in the chapter you are answering. QUESTIONS FOR FURTHER THOUGHT AND DISCUSSION 1. In what respects does a monopolistic competitor differ from a perfect competitor? 2. Explain why the monopolistic competitor breaks even in the long run. 3. Is the monopolistic competitor inefficient? Try to argue the question from both sides. 4. What are the two necessary conditions under which price discrimination can take place? Give an example of price discrimination. 5. Do monopolistically competitive industries have too many firms, each of which produces too little? 6. Are you in favor of price discrimination or against it? Try to argue pro and con. 7. What are the ways in which a firm can differentiate its product from those of its competitors? 8. Practical Application: Make a list of five firms with whom you or your family members have done business this week. Which are monopolistic competitors? 9. Practical Application: Suppose you just purchased a men's clothing store in a huge shopping mall. How would you differentiate your store's wares from those of your competitors? 10. Practical Application: If you ran a restaurant located very near several retirement communities, how would you practice price discrimination? Hint: Did someone just say "Early Bird Special," or was that "Blue Plate Dinner"? 11. Practical Application: You own a shoe store that sells the same brands that are sold in the hundreds of other shoe stores in your locality. List the ways you could differentiate your products. 12. Practical Application: For a flight from Boston to Atlanta, Delta Air Lines charges $1,200 for a roundtrip first-class ticket and $400 for a roundtrip coach ticket. Is this an instance of price discrimination? Why or why not