Please answer the questions illustrated below:
Question 1. Describe how a product might evolve from one market structure to another and what that means as to the price, competition and number for firms producing that product.
Question 2. Are there any lessons from microeconomics that could be applied to revisiting our current economic regulations and processes that could have mitigated the major recession the U.S. is now in?
Question 3. Do you believe Americans in general are knowledgeable enough about economics? Why or why not?