Y ou must answer these first two essays 1.) Choose your Poison! In the article by Chris Tilly, (originally by Thea Lee!) \"Is Small Beautiful? Is Bigger better? # 5.1 Page 166 Real World Micro 30 edition we find that each end of the Continuum of Competition has both benefits and drawbacks to both consumers and producers. What are the benefits of competition? What are the drawbacks of competition? What are the benefits of concentration? What are the drawbacks of concentration? Draw the perfectly competitive demand function (market & firm!) labeling all parts. (Include the MC and the LRATC and SRATC at LR equilibrium) Why does the Perfectly Competitive firm's demand function indicate \"Price Taking\" behavior? (Define \"Price Taking\" behavior!) g. Draw the monopolist's demand function labeling all parts. (Include the MC and ATC indicating the existence of economic profit) h. Why does the Monopolist's demand function indicate *\"Price Making\" (or Price Setting) behavior? (Define \"Price Making\" behavior!) i, Graphically show the positive \"cost\" of Monopoly. (Welfare Loss of Monopoly) 1. Indicate and explain the \"Transfer of Consumer Surplus\" 2. Indicate and explain the \"Deadweight loss.\" (Give both!) 3. Indicate and explain the \"Opportunity Cost of Diverted Resources\" j. What is the normative argument against monopolies?! (From Colander- Chapter #14 - find the box!) k. Draw the Continuum of Competition. (Label everything) 1. Where would you put Wal-Mart on the Continuum of Competition? m. Draw the \"evil smiley\" Wal-Mart logo on the continuum where you have \"fir\" it. (Refer to John Miller's article in Real World Micro 30" edition #4.5 pg. 145 & : For -M \" address the issues of: o0 oe =