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- How is monopoly different from perfect competition?May and Raj me the only two growers who provide organically grown corn to a local grocery store. They know that if they cooperated and produced less corn, they could raise the price of the com. If they work independently, they will each earn 100. If they decide to work together and both lower their output, they call each earn 150. If one person lowers output and the other does not, the person who lowers output will earn $1 and the other person will capture the entire market and will earn 200. Table 10.6 represents the choices available to Mary and Raj. What is the best choice for Raj if he is sole that Mary will cooperate? If Mary thinks Raj will cheat, what should Mary do and why? What is the prisoners dilemma result? What is the preferred choice if they could ensure cooperation? A = Work independently; B = Cooperate and Lower Output. (Each results entry lists Rajs earnings first, and Marys earnings second.)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?
- If multiple firms colluding to charge higher prices would lead to higher profits than when competing with one another. What is the principle reason more firms don't partake in this behavior? It is illegal It is better to produce more goods than to raise prices. Competing actually leads to higher profits in the long run O Firms value competition above profits.6. Write short notes on Mercantilism Absolute Cost advantage theory Leontief Paradox Contract MarketingPart 2 Suppose an industry that has 10 firms. Below are the market shares for 2008 and 2013 of the 10 firms. Market Share Firms 2008 2013 A B C D E F G H I G 26% 21% 16% 10% 9% 7% 4% 3% 2% 2% 22% 23% 19% 9% 8% 7% 6% 4% 1% 1% Calculate the concentration ratio CR4 and the concentration ratio CR8 for 2008 and 2013 Calculate the Herfindahl-Hirschmann Index (HHI) for 2008 and 2013 Using the CR4, CR8, and HHI, analyze the evolution of the seller concentration in the industry. Has the industry become more or less concentrated? Using the CR4, CR8, and HHI, analyze the evolution of the potential market power of firms in the industry.
- Share Zoom DSlideshow 1 Oras E Edit Rotar 9. If a firm sells its output on a market that is characterized by a single seller and many buyers of a homogeneous product for which there are no close substitutes and barriers to long-run resource mobility, then the firm is: " O a. A monopolist b. An oligopolistic O c. A perfect competitor d. A monopolistic competitorWhat term refers to companies shaping their actions based on what their competitors do? O allocative efficiency long run equilibrium mutual interdependence productive efficiencyE . Why is the marginal revenue of a perfectly competitive firm equal to the market price?xplain three reasons why monopolies arise
- Suppose an industry that has 10 firms. Below are the market shares for 2008 and 2013 of the 10 firms. Market Share Firms 2008 2013 A B C D E F G H I G 26% 21% 16% 10% 9% 7% 4% 3% 2% 2% 22% 23% 19% 9% 8% 7% 6% 4% 1% 1% Calculate the concentration ratio CR4 and the concentration ratio CR8 for 2008 and 2013 Calculate the Herfindahl-Hirschmann Index (HHI) for 2008 and 2013 Using the CR4, CR8, and HHI, analyze the evolution of the seller concentration in the industry. Has the industry become more or less concentrated? Using the CR4, CR8, and HHI, analyze the evolution of the potential market power of firms in the industry.A. What do we mean when we say that a firm is a perfect competitor in the product and factor markets?From the bank of terms match the letter that corresponds to the appropriate concept/description. Bank of terms Letter A Perfect Bayesian Nash equilibrium Bayesian Nash equilibrium Nash equilibrium Competition à la Cournot Competition à la Bertrand В C E Herfindahl index F Perfect competition G Consumer urplus Lerner index H I Principal-agent model Natural monopoly Strategic complements Conjectural variations approach Strategic substitutes J K L M N Concept/description Competition in quantities Price taking behavior Index of maket power Write letter Measure of welfare Solution for a static game with incomplete information Competition in prices Measure of intensity of competition Manager and business owner work relationship Best response functions that slope upwards Estimation of market power
