1. b. In at least 3 detailed paragraphs, answer the following three questions (use examples to illustrate your response): What is meant when a monopoly firm is described as a price maker? How is a price maker different from a price taker? Is a monopoly ever a price taker?

2. b. For each of the labor markets in which market power over the wage rate is present, write a paragraph describing the characteristics, implications, and provide examples.

3. a. In at least 2 paragraphs, describe why an appreciating dollar helps U.S. consumers, but hurts U.S. producers. Include why appreciation occurs and a real-world example relating to this issue.