1. Explain how a firm in Pure Competition determines how much to produce and how long run equilibrium is affected by the long run cost structure in such an industry.
2. Using the "Monopoly" model found in the Chapter 10 "Origin of Idea" module, explain why a monopoly will never operate in the inelastic portion of the demand curve?
3. What are the underlying purposes of the antitrust policy in the United States? These concepts are discussed in the textbook reading for this week.