Chapter 14, Problem 15DQ

Explain in detail the differences between Perfect competition and Monopoly. Using completely labelled diagrams compare the equilibrium of the firms (firm in perfect competition and firm in monopoly) enjoying economic profit in the short run.

Predatory pricing occurs when a firm intentionally prevents competition by pricing their product at?

The characteristics of perfect competition and imperfect competition (monopolistic competition, oligopoly, and monopoly).  Barriers to entry don't exist for perfect competition, but barriers to entry exist for imperfect competition.  What are the implications of barriers to entry to the firm and competition?   What happens to consumer surplus is price is above equilibrium, or in this case above normal profits?

Most markets in the United States:   have some degree of competitiveness but are not perfectly competitive.   have very few competitive features and are regulated by the government.   are monopolies.   are perfectly competitive.

Gaynor is the only manufacturer of gas pumps that automatically refill. Gaynor can earn a profit on the sale of these gas pumps a. in the short run but not in the long run because new firms will enter the industry in the long run. b. in the long run but not the short run because the monopolist will face competition in the short run. c.  only in the long run because government regulations prevent monopolists from earning profits in the short run. d. in the long and short run because entry into the industry by new firms is blocked.

Name a firm of business that is selling a good or item that is not so unique. However, in the local market, it's able to enjoy monopoly power. Although it's a monopoly, you don't see other firms entering the market. Name one possible entry barrier that could be keeping other firms from entering and competing with the suggested business.

For each statement in the left column find and match convenient part from the right column of the table:                              Write your answer A. The market, represented by a group of sellers, unified by an agreement on its segmentation and final price of the production, is considered as ... 1. ... for the oligopoly       B. The situation in which society undergoes losses due to high prices and low output is more typical for ... 2 ... for the price discrimination       C. The market in which several sellers can affect and control the price of products in an industry is typical for ... 3. ... for the price competition     D. The situation when a different price is given for the same product is typical for ... 4. ... for the market of imperfect competition     E. Limited resources is the main factor determining the situation typical for ... 5. ... for the perfect competition                          F. The absence of the supply curve is typical for... 6. ... for the cartel…

These two cases provide examples of markets that are characterized neither as perfect competition nor monopoly. Instead, these firms are competing in market structures that lie between the extremes of monopoly and perfect competition. How do they behave? Why do they exist?

A difference between a perfectly competitive industry and a monopoly is that   A.   a firm in a perfectly competitive industry can perfectly price discriminate but a monopoly cannot.   B.   only monopolies have an incentive to maximize profit.   C.   in the long​ run, firms in a perfectly competitive industry make zero economic profit and a monopoly can make an economic profit.   D.   a barrier to entry protects perfectly competitive firms in the short run and protects a monopoly in the long run.   E.   perfectly competitive firms can have a public franchise.