1. What are the 5 characteristics of perfect competition? 2. Define the followings? A. Monopoly B. Oligopoly C. Duopoly D. Perfect competition E. Knockoffs 3. What is a Resource Market? 4. What are the 4 types of resources in economics and define each? 5. What is an example of game theory in economics? 6. If you are the manager/owner of the company, what will you do to solve the negative effect of perfect competition?
1. What are the 5 characteristics of perfect competition? 2. Define the followings? A. Monopoly B. Oligopoly C. Duopoly D. Perfect competition E. Knockoffs 3. What is a Resource Market? 4. What are the 4 types of resources in economics and define each? 5. What is an example of game theory in economics? 6. If you are the manager/owner of the company, what will you do to solve the negative effect of perfect competition?
Chapter10: Monopolistic Competition And Oligopoly
Section: Chapter Questions
Problem 2.4P
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Question
1. What are the 5 characteristics of perfect competition ?
2. Define the followings?
A. Monopoly
B. Oligopoly
C. Duopoly
D. Perfect competition
E. Knockoffs
3. What is a Resource Market?
4. What are the 4 types of resources in economics and define each?
5. What is an example of game theory in economics?
6. If you are the manager/owner of the company, what will you do to solve the negative effect of perfect competition?
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