List and briefly describe the main characteristics of a perfectly competitive market.
In the restaurant industry, there are diverse types of restaurant ownership. What is the fastest growing trend of characteristics of restaurants today?
May 16, 2018
“Tackling Corrupt Practices: GSK China ” by Meyer, K. in Peng, K. and Meyer, K. (2016) pp. 544 – 549
May 16, 2018
- List and briefly describe the main characteristics of a perfectly competitive market.
- Graphically show a perfectly competitive firm who is earning a short run profit. Is this possible in the long run? Why/why not?
- Graphically show a perfectly competitive firm that is losing money in the short run but who should continue producing.
- Make-up a numerical example showing why it is often rational for a perfectly competitive firm to stay in business in the short run even though they may be losing money.
- Can a perfectly competitive firm earn long run profits? Why/why not.
- If breaking even (zero economic profit) is the only long run outcome possible for a perfectly competitive firm, why would anyone enter such a market?
- List and briefly describe the main characteristics of a monopolistic firm.
- May a monopolistic firm earn long profits? Why/Why not.
- Show graphically a monopolistic firm earning short run profits.
- Using the deadweight welfare loss diagram, explain the inefficiency involved when a competitive industry is monopolized.
- List a briefly explain the primary anti-trust laws that deal with monopoly.
- List several barriers to entry and explain the importance of them.
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