Economic profits in the long-run

Assignment Help Microeconomics

Reference no: EM13798341

Define the following terms:

Cartel

Collusion

Mutually Interdependent Firms

Oligopoly:

Predatory Pricing

Tacit collusion

Antitrust Laws

Short Answer Questions: Please answer each question using complete sentences

1. Using complete sentences, write a brief paragraph explaining the differences between oligopolies in a contestable market and oligopolies a cartel market.

2. What gives the monopolist the ability to earn positive economic profits when the firm facing perfect competition can only earn zero economic profits in the long-run?

3. How is monopolistic competition different from perfect competition?

4. Explain the role of advertising in a monopolistically competitive market.

5. What is branding and why is it so important for business in order to increase their profits?

6. List the four market structures in order of competition. Explain why each is more or less competitive than the others.

7. What industry has the most incentive to advertise? Why?

8. What is a cartel? Why are they illegal in the United States?

Reference no: EM13798341

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