ECON 201 Module 5 Case and Slp Competition and markets
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Imperfect Competition
Case Assignment
Competition and Market Power
Review the following questions and prepare a 4- to 5-page paper on the following questions:
1.Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.
2.Which of the following is (are) most likely to be produced under conditions resembling a monopoly: oil, automobiles, diamonds, electricity transmission, and eggs. Defend your answer in economic terms.
3.Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?
4.This module focuses on four 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? (It can be more than one type.) Explain.
Assignment Expectations
Use concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.
Length: 4–5 pages double-spaced and typed.
The following items will be assessed in particular:
•Your ability to understand the differences between perfect and imperfect competition.
•Some in-text references to the modular background material (APA formatting not required).
•The essay should address each element of the assignment. Remember to support your answers with solid references including the Case readings.
MOD 5 ECO 201 SLP
Module 5 - SLP
Imperfect Competition
Market Structure
Some firms have a large share of the market while others are just starting. A firm can often create a brand name which gives them market power. Market power is defined as the ability to raise prices without losing all...