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1) In what ways are the perfectly competitive, monopoly, monopolistic and oligopoly markets different one for the other?
2) Why are the firms in perfectly competitive market called price taker?
3) Why do you think a perfectly competitive market does not actually exist in real world?
4) Even though a monopoly firm discriminates price but it still contributes to social welfare. Please make some arguments in favor of a monopoly market.
What are some ways to make a distinction between an Oligopolistic Market and a Market identified as having Monopolistic Competition?
Illustrate what happens to output, the price level, and the expected price level in both the short run and the long run.
What is meant by the term "government-imposed barrier to entry"? Why would a government be willing to impose barriers to entering an industry?
Discuss the Current Economy of the US and/or World. Discuss issues such as: What is currently occurring? How is it affecting people and businesses. How is it affecting the local, regional, national, and world markets? How are local and state gov'ts b..
Use economics to compare three ways to reduce the demand for heroin: the substitution of another, less dangerous, and less debilitating drug, such as methadone for heroin, to registered addicts; If expenditures on preventing crime equal $200 billion ..
Which of the graphs above represents the situation described for all cases below (a to e): e.g. Suppose the price of lumber falls dramatically. Which panel best describes how this will affect the market for houses?
In an open economy, the condition for equilibrium in the goods market is different from the condition for a balanced trade account. Explain using words or equations (or both if you wish). Draw a diagram that illustrates a situation where the goods ma..
Patriots Inc. is a price-taking firm that produces Tricorns. Its short run cost function is c(y) = 5 + (y−3)3 30 . a) Derive the following functions for Patriots Inc.: i) fixed cost ii) variable cost iii) average total cost iv) average fixed cost 1 v..
What is the role of the federal reserve? When and why does the federal reserve increase and decrease interest rates?
Describe how government intervention can improve market outcomes where inefficiencies exist.
Firms in the healthcare industry do not seem to have features of a perfectly competitive market structure
Market demand for laptop computers is y = 500 - 2p. But the computers are developed by a hardware firm with a cost function c(y) = 10y + 100, & the operating system is developed by a software firm with a cost function of c(y) = 150. Calculate the opt..
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