Question 1 - Differentiate between Perfect Competition, Monopolistic competition, oligopoly, monopoly. Question 2 - Assess the conditions that characterize these markets? Question 3 - The market demand for agricultural products is relatively inelastic, whereas many manufactured goods are relatively elastic. Discuss the implication of this statement for a technological improvement in agriculture compared with manufacturing. Question 4 - Why do rms enter an industry when they know in the long-run pure prot will be zero? Question 5 - Critics of free markets argue that price as a rationing device discriminates against low-income households. In an effort to mitigate this discrimination, they propose that the government legislate a 50 percent reduction in the prices of all commodities. Would this policy have any effect on the total supply and demand for commodities? Would the policy mitigate this discrimination? Explain. Question 6 - Suppose a rm is interested in expanding its market share. However, if it expands, it will not be able to maintain the current price so its profits will decline. What should the rm do and why