answer approximately 1 to 3 paragraphs to each question
answer approximately 1 to 3 paragraphs to each question
1. Imperfect competition can be extreme (a monopoly) or less extreme (oligopoly). What is the difference in the effects between these “degrees” of imperfect competition? Is less competition better or worse for society? How do you or how can you tell?
2. What is the relationship between the supply & demand curves and the MB & MC curves we learned about in Module 1 (Lecture 4)? What does this mean for the producer and consumer surplus? What does the total surplus in a market represent, given this understanding of the supply and demand curves?
