Please define the terms in simple terms and use examples that demonstrate

understanding of each concept.

a. Explain why the MR curve is less than the demand curve for all imperfectly competitive

firms.

b. Describe the basic characteristics of a monopoly and provide and example of a monopoly.

c. Explain why the government regulates monopolies and explain the socially optimal and fair-return prices for a monopoly.

d. Define Price Discrimination and give an example. Explain what conditions are required for price discrimination to occur.

e. Explain the characteristic of monopolistic competition and give a real-world example of a monopolistically competitive market.

f. Explain why monopolistically competitive firms are not allocatively or productively efficient.

g. Define excess capacity.

h. Describe the characteristics of an oligopoly, give a real-world example of an oligopoly.

i. Explain the importance of game theory in an oligopoly. Describe what a dominant strategy is and explain Nash Equilibrium.

j. Explain the idea of Price Leadership among Oligopolies. Why does Price Leadership

breakdown?

k. Explain what a cartel is and how they control the market. Explain why Cartels breakdown.