Questions:
1) What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so.
2) Can a perfectly competitive firm compete against other firms by lower its price? Explain.
3) What do think would happen to competition in the industry where you work if, say, a certain number of firms would close down? What would happen to their price-making ability?
4) how are profit eliminated in a perfectly competitive market? What does competition have to do with it? Explain.
5) What conditions exist when economic profits are maximized? What is the difference between economic and accounting profits? What are economic profit-maximizing strategies that may be made by a perfectly competitive firm, a monopolist firm, and a monopolistic competitive firm? Provide examples and explain the strategies' effectiveness in their respective market structures.