ECO 101A Exercise 10 Microeconomics Fall 2024 PDF

Introduction to Microeconomics ECO 101A Fall 2024 Exercise 10 Answer the following questions: 1. State the characteristics of the perfect competitive market. 2....

Introduction to Microeconomics ECO 101A Fall 2024 Exercise 10 Answer the following questions: 1. State the characteristics of the perfect competitive market. 2. State the characteristics of the monopoly. 3. State the characteristics of the monopolistic competitive market. 4. State the characteristics of the oligopoly. 5. How can you differentiate whether the industry in the analysis is a monopolistic competition or an oligopoly. 6. Explain the behavior of a perfect competitive firm in the short run. 7. If a perfect competitive firm incurs loss in the short run, should it shut down? 8. Explain the behavior of a perfect competitive firm in the long run. 9. Explain the difference between the supply curve in the short run and in the long run for a perfect competitive firm. 10. Explain the difference between the behavior of a monopolist and a perfect competitive firm that makes economic profits in the short run. 11. Explain the difference between the behavior of a monopolistic competitive firm and a perfect competitive firm that makes economic profit in the short run. 12. Explain the difference between the behavior of a monopolistic competitive firm and a perfect competitive firm in the long run. Then explain the concept of the “excess capacity”. 13. Compare between the area of the consumer surplus in a perfect competitive market and in a monopoly. 14. Explain the concept of the “collusive oligopoly”. 15. Solve all exercises in the lectures of the perfect competition, the monopoly, and the monopolistic competition & the oligopoly posted on Moodle ---- End of Exercise 10 ----- Thank you J ECO 101A Fall 2024 Page 1 of 1