Reference no: EM131597827

1. Describe the fundamental difference between pure competition and monopolistic completion.

2. Describe the fundamental difference between pure competition and non-collusive oligopoly.

3. How do economies of scale and product differentiation (both desirable qualities) alter the nature of markets in the real world in negative ways?

4. What keeps oligopolistic industries from abusing the market power they hold, forming into collusive cartels, or merging into dominant monopolies?

5. What does society do to undermine the macroeconomic impacts of the chaotic nature of continuous product differentiation by monopolistically competitive firms?

6. If these two market types, not pure competition, make up 90% of the market reality that we live in what lesson is to be learned?