ECON1050 Microeconomics –Final Exam Preparation Guide Anjum Siddiqui This exam preparation guide is entirely in line with the course outline that is available on the course website since the beginning of the course. The final exam will examine some core learning outcomes which I am listing below. Final exam will have multiple choice (predominantly) and some short answer questions. Focus Of exam is on later chapters that we have done and are going to complete. Other learning outcomes have
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Pure Competition ANSWERS TO END-OF-CHAPTER QUESTIONS 21-1 Briefly state the basic characteristics of pure competition‚ pure monopoly‚ monopolistic competition‚ and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification. Pure competition:
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resources of the firm. (Not required for the marketing project in this class.) 2. Competitive environment. a. Competitive structure of the market -monopoly‚ oligopoly‚ monopolistic competition‚ pure competition b. Competitors -number‚ size‚ market share‚ location -products‚ marketing strategy -direct‚ indirect c. Competitive analysis -barriers External Market Environment. (Note: Include information on all categories that apply.) 3. Economic environment. a. Global economic
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America and around the world. Describe each market structure discussed in the course (perfect competition‚ monopolistic competition‚ oligopoly‚ and monopoly) and discuss two of the market characteristics of each market structure. Perfect competition is the situation in a market (based on six assumptions)‚ (1) where the elements of a monopoly are non-existent‚ (2) consisting of numerous buyers and sellers‚ (3) the market price of commodities are beyond the control of individual sellers and buyers
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Perfect Competition‚ Monopoly‚ Monopolistic Competition and Oligopoly Introduction Market can be defined as an area where buyers and sellers meet and come in contact with each other by any means of communication in order to get information‚ exchange of various goods and services and are interested to do business. From this definition we may be traced out following four essentials which market has: 1. The existence of good which is dealt with. 2. The existence of buyer and seller. 3. The existence
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1) Explain the terms ‘Monopoly’ and ‘Monopolistic Competition’ (4 marks) Monopoly A monopoly is a market structure in which a single company or individual owns all or nearly all of the market for a given type of product or service with no or close substitute. This would happen in the case that there is a barrier to entry into the industry that allows the single company to operate without competition (for example‚ vast economies of scale‚ barriers to entry‚ or governmental regulation)
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Industrial regulation pertains to the government regulation of firms’ prices or rates within industries. These regulations are in existence to prevent companies from forming a monopoly‚ to promote competition and achieve fairness. In the mid 1800s‚ as industry grew‚ many industries began to take on the look of a monopoly; using questionable business tactics and charging their customers high prices. The customers and businesses that patronized these industries began to complain to the government
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example of market failure when government is needed is the peculiar case of the natural monopoly. This arises when a firm can supply the whole market with a good or service for less money than any combination of smaller firms. Government regulation is needed to prohibit the firm from restricting output and raising prices with no fear of competition. Local public utilities are examples of natural monopolies. Price fixing is an act that would be attempted by large firms if there was no penalty
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Structures The purpose of this paper is to provide of different types of market structures as well as pricing and non-pricing strategies used in the various market structures. First‚ the team explores the pure competition market structure through the analysis to Fiji Water Company. Second‚ the oligopoly market structure with L’Oreal Group Cosmetic and Beauty Company. Third‚ explain the monopolistic competition market structure with Campbell’s Soup Company. Last‚ the team explains how Quasar evolves through
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MONOPOLISTIC COMPETITITION Marshall’s perfect competition was an illusion. Mrs. Robinson’s imperfect competition and monopoly were also away from reality. Pure monopoly is a myth. Seller can claim monopoly only and only if he has command over buyer’s choice. No seller can have such a control because buyers have an alternative to buying. Not buying. So long as that option exists‚ monopoly remains a myth. In mid 1930s‚ Prof. Chamberlin developed his theory of monopolistic competition. He pointed out
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