(Answered) This activity is preparation for the essay questions on the

Economics

This activity is preparation for the essay questions on the midterm.Answer the below essay questions with 3 well written paragraphs that FULLY ANSWER THE QUESTION. Do not copy anything directly out of the textbook or from the internet.

Submit your answers to Activity4 in the Assignments Folder, either in the text box or as a Word doc.

Critically evaluate and explain each statement:

1. The more profitable a firm, the greater its monopoly power.

2. With respect to resource allocation, the interests of the seller and of society coincide in a purely competitive market but conflict in a monopolized market.

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