Question 1: Demonstrate your knowledge of the Oligopolistic market structure by completing the following points.
a. Define the Oligopolistic competitor
b. Describe and/or analyze graphically the firm's profit-maximizing, Break-even and shut-down conditions
c. Describe the short and long run market conditions
Question 2: Demonstrate your knowledge of the Monopolistic (Monopoly) market structure by completing the following points.
a. Explain the monopolist 2
b. Describe and/or analyze graphically the firm's profit-maximizing, Break-even, and shut-down conditions
c. Describe the short and long run market conditions
d. Explain what a "natural monopoly" is
e. Describe limits on monopoly power 3
Question 3: According to your textbook, what are the Arguments for Protection?
Question 4: Define each of the arguments for protection.
Question 5: Do you believe that the arguments for protection are necessary or unnecessary? Are some necessary? Explain your answers using current events.