Unit 3 HW
Question 1.
Discuss the types of barriers to entry, and explain whether each type is likely to provide long-term monopoly power. What are the allocative and distributive differences between monopoly and perfect competition? What causes these differences?
Your response should be at least 75 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Question 2.
Compare and contrast perfect competition and oligopoly.
Your response should be at least 75 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Question 3.
What is the golden rule of profit maximization? Explain why the rule maximizes profits. Why are economic profits zero all along a long-run supply curve in perfect competition?
Your response should be at least 75 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Question 4.
Explain why product differentiation leads to differences between monopolistic competition and perfect competition.
Your response should be at least 75 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Question 5.
Most cases of price discrimination involve services rather than goods. Can you offer an explanation for this observation?
Your response should be at least 75 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Textbook name: McEachern, W. A. (2012). ECON Micro 3 (3rd ed.). Mason, OH: South-Western.