Q1 What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so.
Q2 What conditions exist when economic profits are maximized? What is the difference between economic and accounting profits? How could you graphically illustrate economic profits made by a perfectly competitive firm; monopolist; and firm competing in a monopolistic competitive market?
Q3
What are some real-life examples of monopolistically competitive, oligopoly, and monopoly markets? How do market prices differ between perfectly and imperfectly competitive markets? Will a monopoly always produce at a profit-maximizing level of output? Explain your answer.