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1.
It is usual to divide markets into four
categories. In ascending order of competitiveness
these are
(fill in the missing three):
Answers to Workshop 6
Perfect Competition
and
Monopoly
1.
Monopoly
2.
Oligopoly
3.
Monopolistic competition
4.
Perfect
competition
2.
To which of the above
four categories do the following apply to the
member firms? (There can
be more than
one market category in each case.)
(a)
Firms face a
downward sloping demand curve.
Monopoly, oligopoly, monopolistic
competition
(b)
New firms can freely
enter the industry.
.....
P
erfect competition,
monopolistic competition
(c)
Firms produce a homogeneous product.
..................
Perfect competition,
some oligopolies
(d)
Firms are price takers.
.<
/p>
........................................
..................................
Perfect competition
(e)
Firms face an elastic
demand (but less than infinity) at the profit-
maximising output.
Monopoly, oligopoly,
monopolistic competition
(f)
Firms will produce where
MR
=
MC
if they
wish to maximise profits.
............................
A
ll
(g)
There is perfect
knowledge on the part of consumers of price and
product quality.
Perfect competition
3.
In which of the four categories would
you place each of the following? (It is possible
in some
cases that part of the industry
could be in one category and part in another: if
so name both.)
(a)
A village post office
p>
.
.............................
.............
Monopoly for certain
people and products
(b)
Restaurants in large town
.
.......................................
......................
Monopolistic
competition
(c)
Banks .................................
..................................................
....................................
Oli
gopoly
(d)
Hi-fi
manufacturers
.
............
..................................................
..................................
Oligo
poly
(e)
Producers of barley ..................
.......................................
P
erfect competition (or
close to it)
(f)
Water supply .........................
..................................................
...............................
M
onopoly
(g)
Local buses
.
......................................
.................................................
Monopoly or oligopoly
(h)
The market for foreign
currency .....................................
P
erfect competition (or
close to it)
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4.
The following
diagram shows the cost curves of a firm under
perfect competition.
?
12
11
10
9
8
7
6
5
4
3
2
1
< br>0
0
10
20
< br>30
40
50
60
70
80
90
100
MC
AC
MC
AVC
Quantity
(a)
How much will the firm produce in order
to maximise profits at a price
of ?
8 per unit?
....................
70 units
(b)
What will be its average
cost of production at this output?
....
.................................................
?
6
(c)
How much (supernormal) profit will it
make?
.
.....................
..............................
?
2
?
70 = ?
140
(d)
How much will the firm produce in order
to maximise profits at a price
of ?
5 per unit?
............................
50
units
(e)
How
much (supernormal) profit will it make?
.
.....................................
...................................
?
0
(f)
How much will the firm produce in order
to maximise profits at a price
of ?
4 per unit?
............................
40
units
(g)
What
will be its profit position now?
................................................
A
loss of ?
1.50
?
40 =
?
60
(h)
Below what price would the firm shut
down in the short run?
.
............
?
3.50 (where P =
AVC)
(i)
Below
what price would the firm shut down in the long
run?
.
.....................
?
5 (where P = AC)
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