Question 1:
Arrange the following four kinds of market on a continuum where one end will have perfectly competitive market and another extreme is monopoly. Plot these four markets on a continuum either from perfect competition to monopoly or from monopoly to perfect competition (be careful in indicating two other kinds of markets i.e., monopolistic competition and oligopoly). Now please comment whether and why market power in the hands of sellers is increasing or decreasing along the continuum.
Question 2:
Discuss situations involving binding price ceiling and price floor. You can pick your examples from housing industry, health care industry, or from any other industry.