Reference no: EM131191688
1. Identify 3 businesses, corporations etc. which you feel most closely fit the definition of a monopoly. Be sure to include the 2 criteria that must be present to have a monopoly.
2. If you had your choice, would you rather sell a product over which you had a monopoly or a product that was close to perfectly competitive? Explain your answer posing the different questions you'd have to ask about the monopoly and product you are selling.
3. When an entrepreneur creates a new, highly demanded product, he/she often takes out a patent on the product. This makes it illegal for anyone else to manufacture the exact same product for 20 years, essentially creating a monopoly for that product. Explain in detail why you think this is either fair or unfair.
4. The special licensing for taxi drivers in San Diego has been effectively eliminated. Do you feel that this license gave the taxi industry (as a whole) in San Diego a monopoly? Explain.
5. Referring to the above example, Uber has now entered the transportation industry without requiring special licensing that used to apply to taxi drivers. How has the entry of Uber affected the market for transportation (think of cost, convenience, safety, punctuality etc.)?
6. As detailed in the lecture, monopolies like perfectly competitive firms maximize their profits where marginal revenue (MR) is equal to marginal cost (MC). The difference however is that the monopolist produces less goods for society (economically inefficient) at higher prices to the consumer. Explain in detail why you feel that this is or is not an unfair waste of resources as well as an unfair pricing strategy for the consumer.
7. Standing in a ticket line to see a movie you and your date witness an elderly couple show their ID's to qualify for a discounted ticket because of their age. They pay $8 each while you pay $14 for both you and your date. Price discrimination like this occurs in various forms in almost all industries. Do you feel that this is fair? Explain your reasoning in detail.
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Which is an argument for a centralized probation authority
: The adaptive role within prison where inmates see the period in prison as a temporary break in their criminal careers is known as: When an inmate views his/her incarceration as a temporary break in their criminal career, their adaptive role is kno..
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How much did he invest at each rate
: Paul Nagel invested some money at 3.5% simple interest and $1000 more than that amount at 5% simple interest. After 1 year, his total interest from the two accounts was $560. How much did he invest at each rate?
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How the interest rate is determined in the market for money
: Discuss the similarities between how the price of cell phones is determined in the market for cell phones and how the interest rate is determined in the market for money.
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Find the probability that a randomly chosen part has a flaw
: Among the cast aluminum parts manufactured on a certain day, 80% were flawless, 15% had only minor flaws, and 5% had major flaws.
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Definition of a monopoly
: 1. Identify 3 businesses, corporations etc. which you feel most closely fit the definition of a monopoly. Be sure to include the 2 criteria that must be present to have a monopoly.
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Mexico and the us
: Why is the U.S. GDP so much higher than that of Mexico? Would the same reasons apply when we compare the U.S. GDP to Canada's GDP?
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Additional academic resources
: Reviewed this material, please address the following question in your initial post of 250+ words, including at least 2 additional academic resources.
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How are the capital gains treated on gains tax return
: How are the capital gains and losses treated on Gain's 2013 tax return? Determine the amount of the 2013 capital loss that is carried back to each of the previous years.
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Which of the following is one of the effects of this error
: At the end of the current year, the accountant for Navistar Graphics, Inc. forgot to make an adjusting entry to accrue wages payable to the company's employees for the last week in December. The wages will be paid to the employees in January. Whic..
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