Microeconomics (2nd Edition) (Pearson Series in Economics)
2nd Edition
ISBN: 9780134492049
Author: Daron Acemoglu, David Laibson, John List
Publisher: PEARSON
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Question
Chapter 12, Problem 9Q
To determine
The reason for a lower price in a competitive market as compared to
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Market Structure
a. In the short run, if a perfectly competitive firm produced at the quantity of productive efficiency, would it generate the highest profit level possible? Why or why not?
b. Draw a graph to represent a natural monopoly and describe the circumstances that would permit natural monopoly to exist. Would it be wise for government to break up natural monopolies? Give some examples of natural monopolies
How is monopolistic competition like monopoly, perfect competition and oligopoly?
Give two examples of price discrimination. In each case, explain why the monopolist chooses to follow this business strategy
Why does price equal marginal revenue for the perfectly competitive firm? What is the relationship to the demand curve for the firm?
What are the three reasons why monopolies arise? Give one example of a firm that is a monopoly and the reason why it is a monopoly.
Chapter 12 Solutions
Microeconomics (2nd Edition) (Pearson Series in Economics)
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- What are the causes for monopolies. Discuss the pros and cons of monopolies? What is the deadweight loss in monopoly?arrow_forwardWhich two kinds of monopolies exist? Which is more economically efficient? Why?arrow_forwardGive two examples of price discrimination. In each case, explain why the monopolist chooses to follow this business strategy. What are the three reasons that a market might have a monopoly? Give two examples of monopolies and explain the reason for each.arrow_forward
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