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Consider perfect competition, a non-discriminating monopoly, and a perfectly discriminating monopoly.

a. Compare and contrast the equilibrium price and quantity in each of the market structures and identify for each market structure whether it is efficient or results in deadweight loss.

b. Why do governments control certain monopolies? Provide at least one real-world example in supporting your argument.

c. Why do governments create certain monopolies?

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Kristelle Balando
Kristelle BalandoLv10
29 Sep 2019
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Related questions

Consider perfect competition, a non-discriminating monopoly, and a perfectly discriminating monopoly.

a. Compare and contrast the equilibrium price and quantity in each of the market structures and identify for each market structure whether it is efficient or results in deadweight loss.

b. Why do governments control certain monopolies? Provide at least one real-world example in supporting your argument.

c. Why do governments create certain monopolies?

2. Analyze the differences and similarities among firms for two different market structures: Monopoly and Monopolistic Competition. Clearly demonstrate how both types of firms determine the quantity (Q) to produce that maximizes profit.

Contrast the long-run profit levels that prevail in Monopoly with those of Monopolistic Competition, and explain clearly why the differences occur.

How do the long-run end-results of Monopoly and Monopolistic Competition compare with the end-results of perfect competition, in terms of the impacts on efficient resource used in the overall economy?

Why do economists make a distinction between “natural monopoly” and “artificial monopoly”? In your answer, be sure to identify how these types of monopoly differ from each other, and why government responses (especially in the US) to these types of monopoly are quite divergent.

Provide an example of an industry that you think is either a monopoly or is monopolistically competitive, and provide reasons as to why you think the category fits that industry.

Blessings Economics Expert, please complete this question. Thank you in advance for your expertise, knowledge, and dedication.

Economists generally believe it is difficult to sustain profits in the long run under any market structure. However, the reasons for this may differ in different markets. In this context, attempt the following questions:

1) What are economic profits?

2) Why do firms typically stay in the operation even if they earn zero profits?

3) What would allow a firm to earn economic profits in the long run? Give a real-world example.

4) Compare and contrast what generally happens to profits for the typical firm in the long run under the following three market structures: (1) perfect (or pure) competition, (2) monopolistic competition, and (3) pure monopoly.

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