Represent an example of perfect competition

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Reference no: EM1311812

Q1. Is Jill Johnson right or wrong when she says the following: "currently i am producing 20000 pizzas every month at a total cost of $750 if i produce 20001 pizzas my total cost will raise to $750.02? Therefore my marginal cost of producing pizzas must be increasing" illustrate your answer with a graph.

Q2. In your opinion, does the Houston Medical Center, in which many hospitals gather, represent an example of perfect competition, monopolistic competition, collusive oligopoly, or competitive oligopoly? Elucidate your answer in the language of economics.

Reference no: EM1311812

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