Please answer each bullet in each of the following questions for Managerial Economics Course. Answers are short answers (approximately 50 words each). All work must be referenced correctly using Harvard Referencing System.

THE IMPORTANCE OF COMPETITION IN MARKETS (60 marks)

1.0 The US Department of Justice has recently announced that StarKist has agreed to plead guilty to a charge of price-fixing in relation to a conspiracy with officials from other tuna companies to fix the price of canned tuna that ran from at least late 2011 to late 2013 and came to light in 2015.  The company faces a potential fine of $100 million.  The canned tuna market in the US has long been