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

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May 16, 2018

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May 16, 2018

  1. List and briefly describe the main characteristics of a perfectly competitive market.
  2. Graphically show a perfectly competitive firm who is earning a short run profit. Is this possible in the long run?  Why/why not?
  3. Graphically show a perfectly competitive firm that is losing money in the short run but who should continue producing.
  4. 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.
  5. Can a perfectly competitive firm earn long run profits? Why/why not.
  6. 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?
  7. List and briefly describe the main characteristics of a monopolistic firm.
  8. May a monopolistic firm earn long profits? Why/Why not.
  9. Show graphically a monopolistic firm earning short run profits.
  10. Using the deadweight welfare loss diagram, explain the inefficiency involved when a competitive industry is monopolized.
  11. List a briefly explain the primary anti-trust laws that deal with monopoly.
  12. List several barriers to entry and explain the importance of them.

 

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