Describe the major features of monopolistic competition compared to pure competition and pure monopoly

1 Describe the major features of monopolistic competition compared to pure competition and pure monopoly

2 Describe the basic characteristics of oligopoly How does oligopoly compare with the other market structures?

3 Explain invention with suitable example

4 Why is the demand for resources called a “derived” demand?

5. Who benefits from a tariff or quota? Who loses? Why–and how–would some domestic producers benefit from protectionist trade policies?

Why–and how–would some domestic producers lose from protectionist trade policies?

Why–and how–would some domestic consumers benefit from protectionist trade policies?

Why–and how–would most domestic consumers lose from protectionist trade policies?

How do protectionist trade policies affect a government’s wealth and fiscal policy.