problem1. With reference to the characteristics of market structure, describe why the market for powdered milk in Mauritius is a suitable ex of monopolistic competition while the soft drink industry a suitable instance of oligopoly.
problem2. Using suitable diagrams describe and illustrate how a firm under monopolistic competition reaches equilibrium in the short run and in long run.
problem3. Describe the different pricing strategies of firms under oligopoly.
problem4. Discuss whether international trade between countries is always advantageous.
problem5. How many domestic markets are protected from foreign competition?
problem6. What are the economic reasons for such protection?