1. a. Describe the four "market types" by writing a separate paragraph for each. In your response for each market type, be sure to include assumptions, the implications of these assumptions, characteristics (elasticity, market power, special grouping of firms, profit maximization, theories, etc.), real-world examples, and an explanation of why your examples fit into each market type.
b. In at least 3 detailed paragraphs, answer the following three questions (use examples to illustrate your response): What is meant when a monopoly firm is described as a price maker? How is a price maker different from a price taker? Is a monopoly ever a price taker?
2. a. In at least 2 complete paragraphs, describe the characteristics of monopolistic competition. Be sure to include the following: the implications of the barriers to entry/exit, the efficiency of this market, profit maximization, elasticity, an explanation of why advertising is more important in this market structure compared to the other types, and any other important characteristics.
b. For each of the labor markets in which market power over the wage rate is present, write a paragraph describing the characteristics, implications, and provide examples.
3. In a paragraph, explain at least three major arguments for protectionist trade policies. In a second paragraph, explain at least three major arguments against protectionist trade policies. Include your opinion of which argument you agree with most and why.