1. Provide a real-world example of where a monopoly or oligopoly market condition has impacted the price and quantity of a product in the marketplace, relative to a more competitive environment. Provide some history of the situation and quantify the impacts as best as possible.
2. Provide an actual example of a business or industry where changes in the factors that influence demand (e.g. tastes & preferences, prices of related products, income, population) created a change in the market demand for the products offered by that firm or industry.
3. Describe a historical situation where government – sponsored incentives have caused a change in behavior of individuals and/or consumers within a society.
4. Explain, using real-world examples, why the vast majority of products and services we consume today are bought and sold in monopolistically competitive markets.
