Problem
1. Will monopolistic competitors realize economic profits in the long run? Why or why not?
2. "In the absence of consumer legislation, the producer has little reason to be concerned with safety standards. Government legislation is necessary to provide the consumer with safe automobiles, toys, clothing, and other products." Evaluate this view.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.