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1. Your company operates in a perfectly competitive market. You have been told that advertising can help you increase your sales in the short run. Would you create an aggressive advertising campaign for your product?
2. Why do firms in perfectly competitive markets not make any economic profit in the long run? Would be smart for a firm to lower its price in a perfectly competitive market? Explain.
3. Is the monopolist a price taker. Explain.
4. Is a monopolist allocatively efficient? Why or why not?
5. Why are brand name pharmaceuticals much more expensive than generic ones?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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