1. The fast-food, bottled water, and cereal markets are all examples of: _________________.
2. False advertising is generally regulated by:
3. Joe’s Organic Milk differentiates itself based on quality. Then Fred’s Organic Milk and different store brands of organic milk enter the market. How would Joe’s demand curve, marginal revenue curves, and output be affected?
4. If people found out that a major manufacturer produced its own brand and the store brand at the same factory using the same materials, what do you think would happen?
5. Compare and contrast monopolistic competition with monopoly. Be sure to explain what is similar for the two and what is different.
