QUESTION 1:Discuss, using examples and academic references, the statement that perfect competition gives an optimal allocation of resources but that the existence of scale economies may make perfect competition impossible. (1000 words).
QUESTION 2:Compare and contrast the ‘five forces’ analysis of competitive structure with the S-C-P (structure-conduct-performance) models of perfect competition, monopoly and oligopoly. Pay particular attention to the aims of the different approaches and their overlaps. ( 1000 words)
QUESTION 3:How would you explain an industry with monopolistic competition using a five forces analysis? (500 words)