The same technological progress happens to a monopoly

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1-Explain why technological progress will, at best, only temporarily allow a perfectly competitive firm to earn an economic profit and what will happen to profit in the long run.

2-If the same technological progress happens to a monopoly what will it do for its profits?

3-Select any company that you will like to work for. Assume that your boss has asked you to analyze the type of market structure your company falls into. Based on what you have studied, what would you tell him/her and what information would you use to support your answer?

4- The Organization of Petroleum Exporting Countries (OPEC) is an international cartel of a group of large oil exporting countries. It tries to control the price by keeping a check on the amount of crude oil produced by its member states. Is its effect on the crude oil market a harmful or a desirable act?

Reference no: EM13899551

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