Reference no: EM131586710

1. Describe an example you are familiar with in which a technological innovation led to an improvement in productivity. What was the effect on the cost of doing business or activity in which this technology was employed? How did this affect the prices of related inputs?

2. How is "Perfect" Competition defined? Is it really "Perfect"? Can you think of any examples that more or less operate this way? Which of the conditions required for a market to be "Perfect" is most difficult to create? How does this effect the price of the good or service in question? Explain your answer.

3. What are some real-life examples of monopoly markets? Are they necessary in our society? What about in other countries? Will a monopoly always produce at a profit-maximizing output level? Explain your answer.

4. What are some real-life examples of monopolistically competitive markets? How do market prices differ between perfectly and imperfectly competitive markets? How do they different from perfectly competitive markets?

5. What are some real-life examples of Oligopoly markets? Do you consider these markets to be competitive? (Why/Why not?) What about them lends themselves to forming this type of market? Do you foresee any reason a specific Oligopoly market might change in the future, with either more or fewer participants?