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1) What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so. 2) Can a perfectly competitive firm compete against other firms by lower its price? Explain. 3) What do think would happen to competition in the industry where you work if, say, a certain number of firms would close down? What would happen to their price-making ability? 4) how are profit eliminated in a perfectly competitive market? What does competition have to do with it? Explain. 5) What conditions exist when economic profits are maximized? What is the difference between economic and accounting profits? What are economic profit-maximizing strategies that may be made by a perfectly competitive firm, a monopolist firm, and a monopolistic competitive firm? Provide examples and explain the strategies' effectiveness in their respective market structures.
Monopoly firms enjoy government protection from competition.
Shows the auditor where inherent risk may be the greatest.
Suppose a pizza parlor has the following production costs: $3.00 in labor per pizza, $1.oo in ingredients per pizza, $0.20 in electricity per pizza, $2000 in restaurant rent per month, and $450 in insurance per month. Assume the pizza parlor produ..
A new piece of materials handling equipment costs $20,000 and is expected to save $7,500 the first year of operation. Maintenance and operating cost increases are expected to reduce the net savings by $500 per year for each additional year of oper..
Problem - Qd = 8000 -2Px + 3Py -4.5M. What is the own-price elasticity of demand? What is the cross-price elasticity of demand? Fully explain
The design of the health care system involves issues of information at several points. The potential users (patients) are better informed about their own state of health and lifestyle than insurance companies.
What are the impact and long-run propensities and explain the nature of potential multicollinearity in the explanatory variables when data for marriage and income is observed each month.
The financial advisor is weekly column in the local newspaper. Assume you must answer the following question: "I recently retired at age 65, and I have a tax-free retirement annuity coming due soon.
It is your job to come up with a distribution formula for state aid to counties. What factors might you include in your formula? Why?
Is each of the following items more likely to be the subject of an informational or a persuasive advertisement?For an office copying machine a firm is more likely to use
The role of culture Impact of personality on employee interaction within the team Team dynamics and performance in a cultural context Relationship between personality, team success and company success in various cultures Conclusions It is anticipa..
Calculate the total effect on welfare of a tariff of 5 per unit levied on imports. Calculate the total effect of a production subsidy of 5 per unit. Why does the production subsidy produce a greater gain in welfare than the tariff? What would the opt..
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