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- Why is marginal revenue for a firm in perfect competition equal to the market price?Discuss why a firm in perfect competition may choose to be open on Mondays, typically the slowest day of the week, when their revenues do not seem to be sufficient to warrant doing so.If the corn industry is perfectly competitive with a market price of $2 per bushel and a corn farmer in the industry charges $4 per bushel, how many bushels would the farmer sell?
- Show a firm that is earning zero economic profits, but has some market power. Then, assume this market power is entirely eliminated when a new competitor enters the market with the same technology and produces a perfect substitute. Showing in your diagram how the firm must adjust its production level to most effectively compete with the new entering firm, explain why maintaining competition is important.Shazam, a maker of magic wands, is selling in a purely competitive market. Its output is 500 wands, which sell for $10 each. At this level of output, the marginal cost is $10 and the average variable cost is $12. Should the firm increase output, decrease output, or not produce? Explain why?Is collusion by a group of sellers or buyers possible in a market of pure and perfect competition? Explain your answer.
- Explain what is meant by a perfect competitor has no market power as applied to power system economics.Is the Stackelberg leader guaranteed to make a higher profit than it would under standard Cournot competition? Explain using words and graphs.Why does a purely competitive firm not charge price above the market price? Why does it not charge a price below the market price?
