micro week 5

Watch the following video, and answer the following questions.

https://www.youtube.com/watch?v=T3F1Vt3IyNc

1. How does this video characterize the monopolistically competitive market, and what industry is being illustrated as an example? Answer this using at least 100 words.
2. Under this type of market structure, can firms enter or leave the industry? Provide the discussions based on the explanation of video. Answer this using at least 100 words.
3. After you watch video, explain how a monopolistically competitive firm would choose the profit-maximizing price and quantity using at least 100 words.
4. What does this video tell about the difference between perfect competition and monopolistically competitive market? Answer this using at least 150 words.

• Levels of Achievement
  Criteria	Exemplary	Accomplished	Developing	Beginning
  Knowledge Weight 40.00%	90 to 100 % Demonstrates mastery and accuracy of concepts, terms and theories selected by the student without error	80 to 89 % Demonstrates mastery and accuracy of most of the major concepts, terms, and theories with several errors	70 to 79 % Demonstrates moderate understanding of a few of the concepts, terms and theories, but lacks a mastery of the majority	0 to 69 % Demonstrates basic understanding of the concepts, terms, and theories, but lacks any mastery at all
  Quantitative Skill  Weight 40.00%	90 to 100 % Provides graphical analysis and/or calculations with great accuracy without error	80 to 89 % Provides graphical analysis and/or calculations with great accuracy without several errors	70 to 79 % Provides graphical analysis and/or calculations with moderate accuracy with many errors	0 to 69 % Provide no graphical analysis and/or calculations
  Writing & Organization Weight 20.00%	90 to 100 % The structure of content is strong and helps readers move through the text smoothly. The content contains effective transitions between paragraphs. Minimum words requirement is met	89 to 89 % The structure of content has a clear organizational structure, and helps readers to understand fairly easy, but slightly lacks effective transitions between paragraphs. Minimum words requirement is met	70 to 79 % The structure of content is understandable, but significantly lacks effective transitions between paragraphs. Minimum words requirement is not met	0 to 69 % The content lacks coherence, and requires readers to reread substantial portions. Minimum words requirement is not met