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Briefly compare big-firm and entrepreneurial capitalism. In this criteria
Criterion 1: Role of big firms
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Solved in 2 steps
- What do economists believe to be the ultimate goal of a firm operating under capitalism? Is this goal realistic or not? Explain.Differentiate between laissez-faire capitalism, the command system, and the market system.Why is Silicon Valley considered as one of the ideal models of entrepreneurial ecosystem? Provide examples or situations for your answers.
- how is corporate oversight that results in deadly consequence different from murder ? why are the crimes of capitalism not considered as suchCompare and contrast a market economy as described by Adam Smith with the modern structure of corporate governanceWhat are the three major legal forms of business organization? Which form is the most prevalent in terms of numbers? Why do you think that is so? Which form is dominant in terms of total sales? What major advantages of this form of business organization gave rise to its dominance?
- Does either the four-firm concentration ratio or the HHI directly measure the amount of competition in an industry? Why or why not?In McCulloch v. Maryland (1819), the Supreme Court held that: a. congress was not allowed to outlaw slavery in U.S. territories b. the federal government had the implied power to create a national bank c. states had the ability to restrict interstate commerce within their jurisdiction d. the Supreme Court could declare acts of Congress to be unconstitutional e. state-chartered banks were immune from federal regulationA film called The 33 tells the story of 33 coal miners in Chile who were trapped inside a collapsed coal mine for more than two months. While trapped inside the mine, the miners agreed that if they ever got out alive, they would sell their story as a group, and that none of them would tell their stories individually. In essence, they formed a cartel, agreeing to sell just one big story for a lot of money rather than each miner selling his own individual story. As it turned out, they did get out alive and they did stick to their agreement. None of the miners sold his story individually. That is, the “cartel” formed by these trapped coal miners worked; nobody cheated. Explain why this cartel, unlike almost all others, was successful. This is not a research question; you don’t have to have the factually correct answer to earn full credit on this question. Rather, a full-credit answer will explain the conditions under which a cartel will be successful and then indicate the specifics of…
- Two firms, A and B, are each considering trying to develop a newwidget. Whichever firm is first to develop the new widget wins a patent worth $20 million plus a penny.Developing a new widget involves several ‘steps’. The firms alternate moves, with A moving first, until oneof them wins the patent. All moves are observed. In each turn, a firm can choose whether to take 0, 1, or2 development ‘steps’. Taking 0 steps in a turn costs that firm $0. Taking 1 step in a turn costs $4 million.And taking 2 steps in a turn costs $11 million. For simplicity, assume a zero discount rate. Initially, eachfirm is 4 steps away from completing development.(a) Describe and explain carefully what will happen in this patent race and why. [Hint: it may help toread Dutta ch 12 (but notice I changed the numbers).](b) Very briefly explain what is the economic rationale for granting ‘intellectual property rights’ such aspatents. What are some disadvantages for society of granting such rights?According to Jeremy Smith, ____ is important for media industries because it ensures the ownership and economic value of its products. a. fair use regulation b. copyright law c. public domain d. digital right management The film and video game industries’ efforts to assign ratings to their own content, and maintain agreed-on standards for content creation are an example of ________. a. informal deregulation b. formal industry self-regulation c. government regulation d. market-driven regulationDifferentiate between the following terms. Nationalisation and privatisation.
