Questions:
1.What are some real-life examples of monopolistically competitive, oligopoly, and monopoly markets? How do market prices differ between perfectly and imperfectly competitive markets? Will a monopoly always produce at a profit-maximizing output level? Explain your answer.
2.What effect do government intervention, taxation, and regulations have on economic behavior? Explain. What are real-world examples of government intervention, taxation, and regulations? What are the goals of each?