Purpose
To assess your ability to discuss topics, terms and concepts in Economics for Managers.
Action Items
Reflect on the following questions:
- Consider firms in industries you are familiar with. Are firms in such industries price takers or price-setters? How much control do they have over the prices they charge? (150 words)
- As an economy develops and becomes more integrated into the world economy how do its costs of production change and how well can they be managed both in the short-run and long-run? (150 words)
- How important to economic growth is the constraint of market power through antitrust legislation? How much market power is too much for a firm to enjoy? How is market power best measured? (150 words)