You must write your case report case following the following rules: Letter Arial 12, paragraph 1.5, You need to answer each of the questions presented in this case and provide examples if it is pertinent. Margins must be 1 .5 cm per side. You must use professional writing etiquette and edit your work before submitting it. Submission can be done in PDF or Word Format, using the google classroom site for this course and your respective section. The due date is the day indicated as the due date for this assignment. Penalties for late submission apply and any suspicion of cheating will be penalized severely, then don't tempt the luck and do your work with your own words. You must use the Cover page at the end of this assignment, and late submission applies to this assignment.

Questions

1 - Describe the three characteristics of an industry characterized by monopolistic competition.

2 - In the presence of free trade, how are the effects of economic growth different for a large country than for a small country?

3 - "The higher the tariff, the more domestic production is increased. Thus, a prohibitive tariff is socially optimal." Explain whether or not this statement is valid.