Trident Eco201 module 5 slp and case
Competition and Market Power
Review the following questions and prepare a four to five 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 under conditions resembling perfect competition - automobiles, beer, corn, diamonds, and eggs. Defend your answer in economic terms.
3. Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?
4.This module focused on four types of firms:
(a) perfectly competitive
(b) monopoly
(c) monopolistic competitive
(d) oligopoly
Which of the above firms would most likely have zero economic profit in the long run (can be more than one type)? Explain.
Case Assignment Expectations:
Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Pleas 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.
SLP 5
Some firms have a large share of the market while others are just starting. A firm can often create a brand name which gives them market power. Market power is defined as the ability to raise proces without losing all demand. Since you are analyzing franchise firms, we can conclude that the a brand name is somewhat established. Write a 2-3 page paper about the following issues:
1. What type of market do you think your franchise operates (perfectly competitive, monopoly, monopolistically competitive, oligopoly)? What are the specific characteristics that make it this type of firm?
2. What type of competition does your firm face? Who are some competitors? (even if you said your firm is a monopoly, think of some subsitutes)
3. How do you think your firm can increase its market power?
SLP Assignment Expectations:
Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Please be sure to cite all sources within the text and a reference list at the end of the paper.
Length: 2-3 pages double spaced and typed
The following items will be assessed in particular:
Your ability to understand an application of imperfect competition.
Some in-text references to the modular background readings (APA formatting not required).
The essay should address each element of the assignment. Remember to support your answers with solid references.
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Rating:
/5
Solution: Trident Eco201 module 5 slp and case