Questions for economic reasoning and discussion

1. Is perfect competition fantasy or is it real? Why?

2. Is product differentiation wasteful? Would society be better off (житиме краще) with only one of each product instead of many variations of the same product?

3. A monopolist can always make a profit because with no competition it can charge any price it likes. Do you think this statement is true?

4. How are different market structures (perfect competition, monopolistic competition, oligopoly and monopoly) affected by such factors as the number of the buyers and sellers, product differentiation, and barriers to entry?