Question: 2. Explain why a monopoly faces no supply curve. 3. Which of the following industries would you classify as an oligopoly? Explain your answer. If

2. Explain why a monopoly faces no supply curve. 3. Which

2. Explain why a monopoly faces no supply curve. 3. Which of the following industries would you classify as an oligopoly? Explain your answer. If you are not sure, what information do you need to know to decide? a. Motorcycles b. Hotels . 0. Cruise lines d. Airlines e. Furniture 4. For each of the following, state whether you agree or dis agree. Explain your answer. a. Monopolistically competitive firms generate economic profits because they are protected by barriers to entry. b. Monopolistically competitive firms are efficient because in the long run, price falls to equal marginal cost

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