imperfection completion/monopoly
Order Description
request paper too be written by the same writer that assisted me previously,because there aware of the guidelines. Guidelines will also be upload
IMPERFECT COMPETITION
IMPERFECT COMPLETION
Review the following questions and prepare a 4- to 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: 4–5 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.
Module 4 focuses on different types of market structure. For instance, a market with many firms is considered perfectly competitive. A perfectly competitive firm must take the market price as given. Firms that are able to raise price without losing all demand are said to have market power. Markets where the firms have market power include a monopoly, an oligopoly, and monopolistic competition. Please review the following:
Required Reading
Note: You will need to review some of the background material from Module 3 for portions of the Case Assignment.