1. From the Chapter 11 Origin of Idea identify those who gave us the concepts of

1. From the Chapter 11 Origin of Idea identify those who gave us the concepts of monopolistic competition and game theory.2. Take a look at the default picture in the Chapter 11 Interactive Graphs section and indicate if you think it represents a long run equilibrium for a monopolistically competitive firm. Explain why or why not? If you get in trouble with the graphs just click on the Instructions button.3. What is the meaning of a four-firm concentration ratio? Interpret what a four-firm concentration ratio of 60 % would mean. Interpret what a score of 90% would mean for the four-firm concentration ratio. What are the shortcomings of concentration ratios as measures of monopoly or oligopoly power? These concepts are discussed in the textbook reading for this week.