1. Are McDonald's and Starbucks Monopolies? Why or why not?
2. Explain why MR<P for the monopolist, but MR=P for perfectly competitive firms.
3. Why are monopoly firms able to earn long-run economic profits while perfectly competitive firms cannot?
4. Under what market conditions would afirm find it easier to engage in price discrimination?
5. Video Question: What was the most important concept presented in this video? Using your own words explain why you feel this way.