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Subject: Manegerial economics & policy
Why government sometimes protect
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- Intellectual property laws are intended to promote innovation, but some economists, such as Milton Friedman, have argued that such laws are not desirable. In the United States, there is no intellectual property protection for food recipes or for fashion designs. Considering the state of these two industries, and hearing in mind the discussion of the inefficiency of monopolies, can you think of any reasons why intellectual property laws might hinder innovation in some cases?What is a tie-in sale? How might it reduce competition and when might it be acceptable?a. Explain what you know about collusion and cartels, including: definition, formation of motives, types and differences between these types, and so on. b. Why is this behavior often encountered in imperfectly competitive market structures such as oligopolies? c. What obstacles/obstacles do collusion and cartels often face? d. Name and explain at least 3 factors that can facilitate the occurrence of collusion and cartel!
- Pls help with below homework. Which barriers to entry give rise to what economists would call 'natural monopolies'? Check all that apply. A) Legal barriers to entry B )Extreme economies of scale C) Extreme network effects D) Monopolized resourcesThe task to complete is to create a market scenario for a branded handbag. (You can google handbags and come up with hundreds!): Name the company and describe one of its "signature" handbags. - Draw the monopolistic competition market model for that company showing a profit. 1. Do you think that the United State's economic system is best described by a perfectly competitive dynamic or best described by a monopoly dynamic where there are forces that exclude entry into markets or by a monopolistic competition dynamic with some power to exclude entry but mainly a market of differentiation?a. How is monopolistic competition like monopoly, perfect competition andoligopoly? b. Give two examples of price discrimination. In each case, explain why themonopolist chooses to follow this business strategyc. Why does price equal marginal revenue for the perfectly competitive firm?What is the relationship to the demand curve for the firm?
- d. Find the deadweight loss due to monopolies in parts b. and c.?Question 6 (a) Why is Perfect Competition considered to display high level of economic efficiency? (b) How does monopoly result in a dead-weight loss? Illustrate with diagram. (a) How is oligopoly different from monopolistic competition? (b) Illustrate and explain how the oligopolistic firms determines their collective profit by maximizing price and output levels when they collude and act like a cartel (monopoly). Question 7 (a) What are the main causes of market failure? Give one example and illustrate using a diagram. (b) Explain the difference between private costs and social costs. (c) Government of Country X is considering implementing a tax on fizzy drinks. Using a demand and supply diagram, illustrate what effect the tax will have on the market of fizzy drinks. (d) For what purposes does government use taxes-both at micro and macroeconomic level?Question 1a. How is monopolistic competition like monopoly, perfect competition andoligopoly? b. Give two examples of price discrimination. In each case, explain why themonopolist chooses to follow this business strategy c. Why does price equal marginal revenue for the perfectly competitive firm?What is the relationship to the demand curve for the firm?
- Economics 1) How many buyers are there in a perfectly competitive market?A) FewB) TwoC) ManyD) One2) A market in which there are many buyers and sellers, every firm sells the same standardized product, buyers and sellers have full information about the product and its price, and it is easy for firms to enter and exit the market is known as _____ market.A) monopolyB) oligopolyC) duopolyD) a perfectly competitive3) Which of the following is NOT a reason that firms in a perfectly competitive market are price takers?A) There are many firms that a buyer can choose from.B) Each firm can sell more of its goods at a lower price than at the market price.C) Each buyer has perfect information about all alternatives.D) Each firm's good is a perfect substitute for another firm's good.2. Which is a better market structure, Monopoly or Oligopoly? Why?a. A firm operating under perfect competition is earning an economic profit of K20 million in the long run? Is this a feasible outcome and why?b. What are the implications of a having a Kinked Demand cure under Oligopoly markets?c. What is the key difference between perfect competition and monopolistic competition?
