Question: Pls address all questions in structured way 1. How does the perfectly competitive model explain the fact that many products that are used far less

Pls address all questions in structured way

1. How does the perfectly competitive model explain the fact that many products that are used far less than they were in previous decades are not necessarily cheaper than they were decades ago? 2. At what point do products disappear from the market? 3 What are the main features of an oligopolistic market? 4 How do oligopolies set their prices? Explain how you can distinguish a firm in an oligopolistic market from one in a monopolistic competitive market. Provide examples to illustrate. 6 Also comment by providing examples from the news of oligopolistic markets. Compare and contrast with examples of monopolistic competitive markets

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