Reference no: EM131861588 , Length: 10
Case Assignment - Review the following questions and prepare 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 in a market resembling a monopoly - oil, books or movies, tap water, and wheat. Defend your answer in economic terms.
3. Which type of firm is most likely to have zero economic profit in the long-run: monopoly, oligopoly, monopolist competition or perfect competition? Explain.
4. The government often has two conflicting roles. It protects consumers by keeping prices fair and promotes a free market (entry of firms). Suppose your firm has a special patent. Do you think patent licenses should expire? Be sure to support your argument with references and economic concepts from previous modules as well.
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: 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.
Answer both parts in 5 pages each. This means 10 pages overall. Please list the references.