Answer the following 3 questions in detail. You can use examples from quizzes, the book, powerpoints, etc. But you must work through the math and devise the explanations that go along with the math.

For example, you may copy a graph that has numbers already on it, but you should show your work for calculations using those numbers.

You may type your explanations, but all answers should include hand-written portions. Graphs must be handwritten.All math and graphs should be accompanied by an explanation. Be thorough in your response. Attach extra pages as necessary. Please be neat.

Requirement:

Question 1: Explain why when producers have fewer competitors consumers tend to be worse off. How do economist quantify these losses? How do different levels of competition affect consumers?

Question 2: Explain how the long run equilibrium differs for perfect competition, monopolistic competition, and monopoly markets.

Question 3: Why are economists often skeptical of conspiracies (e.g., cartels)? Show an example of a game where participants in the conspiracy have an incentive to cheat on each other. How does competition and profit maximization prevent many conspiracies from being successful?