1. What are the assumptions underlying Imperfect Competition?
2. State 2 features of a firm in long run equilibrium in Imperfect Competition that would be common to a firm in long run equilibrium under Monopoly.
3. Give an example of an industry operating under conditions of an Oligopolistic market structure.
4. What does it mean for a firm to: 1) collude and 2) be a profit maximiser?