Briefly explain Economies of Scale and how it can give rise to a market having a...

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Briefly explain "Economies of Scale" and how it can give rise to a market having a "Natural Monopoly." (About 100 words) Question 5 Explain the term "Non-price competition" by giving two examples of how firms engage in this and identify which two market structures experience it the most. (About 80 words) (4 marks) Question 6 Price Price Quantity per period Quantity per period Diagram A Diagram B The above are diagrams of demand curves facing two firms. If both firms decreased price, observe the increase in quantity demanded/sold for each firm. Alternatively if they increased price, observe the decrease in quantity demanded/sold for each firm. Required: Based on your observation above and your understanding of market structures, match each diagram to either a Monopolistic Competition firm or a Monopoly firm and explain your choice based on the specific characterstic/s of the Monopolistic Competition and Monopoly market structures. (6 marks) Briefly explain "Economies of Scale" and how it can give rise to a market having a "Natural Monopoly." (About 100 words) Question 5 Explain the term "Non-price competition" by giving two examples of how firms engage in this and identify which two market structures experience it the most. (About 80 words) (4 marks) Question 6 Price Price Quantity per period Quantity per period Diagram A Diagram B The above are diagrams of demand curves facing two firms. If both firms decreased price, observe the increase in quantity demanded/sold for each firm. Alternatively if they increased price, observe the decrease in quantity demanded/sold for each firm. Required: Based on your observation above and your understanding of market structures, match each diagram to either a Monopolistic Competition firm or a Monopoly firm and explain your choice based on the specific characterstic/s of the Monopolistic Competition and Monopoly market structures. (6 marks)