1. Define monopolistic competition and give a few examples.

2. Identify the competitive and the monopoly elements.

3. Compare and contrast monopolistic competition with perfect competition with

reference to adjustments and outcome in terms of equilibrium.

4. List and explain the factors that determine the element of competition in a market

for either a product or a factor.

5. What do you mean by the term "Barriers of entry"? State and explain the factors

that cause such barriers?