1. What is the practical relevance of knowing theconsumer equilibrium condition and the producer equilibrium condition?How are they different and what explains the the law of diminishing marginal utility in consumption as compared to the law of diminishing returnsin production?
2. Explain why the existence of a protected monopolyand or a regulated oligopoly is the fault of government and not of the free market?What allows a firm to keep its monopoly position?What allowslarge firms to exist within anoligopolistic market structure and is governmentmaking the situation worse by reducing competition?