1. What is imperfect competition and how does it differ from perfect competition?

2. What are the two main types of markets and what is bought and sold in each?

3. How do monopolistic competition and oligopoly differ in terms of the number of firms?

1. Why must firms in imperfectly competitive markets lower their prices to sell additional units?

2. What are examples of barriers to entry and how do they sustain imperfectly competitive market structures?

1. Why is the relationship between price and marginal cost different in perfect competition versus monopoly?

2. How does monopoly market power lead to inefficiency and what are the consequences for consumers?