Questions on competition and market power

Reference no: EM1370492

1. Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.

2. Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?

3. There are 4 basic types of firms:

a) perfectly competitive

b) monopoly

c) monopolistic competitive

d) oligopoly

Which of the above firms would most likely have zero economic profit in the long run (can be more than one type)? Explain.

Reference no: EM1370492

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