(a) State two features each of: (i) perfect competition; (ii)monopolistic competition. (b) What does it mean for a firm to be a : (i) price taker; (ii)price...

(a) State two features each of:
(i) perfect competition; (ii)monopolistic competition.

(b) What does it mean for a firm to be a : (i) price taker; (ii)price maker?

(c) Explain the following sources of monopoly power: (i) acts of parliament; (ii) copyright; (iii) natural monopoly; (iv) cartel