Anserthe questions below in at least 150 word.

APA

1. Give an example of a monopoly and an example of perfect competition. Explain how each of your examples matches the textbook definition of that market structure.

2. Why is the concept of elasticity important? What does it tell economists? Choose an industry with which you are familiar and tell whether you would classify it as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elasticity, not demand elasticity.) Explain your answer using determinants of elasticity.

3.What happens to the gains from trade when a tax is imposed? Choose an industry in which you work or with which you are familiar. How would a tax affect sales, supplier revenue, and consumer buying power in that industry?

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