Question;1. From the Chapter 11 ?Origin of Idea,? identify those who gave us the concepts of "monopolistic competition" and "game theory".2. Take a look at the default picture in the Chapter 11 ?Interactive Graphs? section and indicate if you think it represents a long run equilibrium for a monopolistically competitive firm. Explain why or why not? If you get in trouble with the graphs, just click on the "Instructions" button.3. What is the meaning of a four-firm concentration ratio? Interpret what a four-firm concentration ratio of 60 % would mean. Interpret what a score of 90% would mean for the four-firm concentration ratio. What are the shortcomings of concentration ratios as measures of monopoly or oligopoly power? These concepts are discussed in the textbook reading for this week.
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