Discussion:
1. Comparing the different models of pure (perfect) competition and oligopoly, what will be the effects or difference between the two in relation to: Price, Output, Profits, Advertising, and Efficiency of scarce resources?
2. Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's. What type of market structure is the auto industry? Has consumer surplus been affected in any way due to the changes in the auto industry structure, and if so, how?