List and briefly describe the main characteristics of a perfectly competitive market.
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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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