Page 1 of 14 THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS SESSION 1‚ 2009 ‚ ‚ I ECONllOl MICROECONOMICS I FINAL EXAMINATION TIME ALLOWED - 2HOURS THIS PAPER IS WORTH 65% OF THE TOTAL SUBJECT MARK This examination paper consists of two parts - Part A and Part B Part A consists of 20 multiple choice questions each worth onc and one quarter (1.25) marks. Answer all the questions in Part A on the answer sheet provided‚ using pencil . only: Print your student number‚ name and
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price NEOCALSSICAL THEORY: Static conception‚ focus on long-run According to Schumpeter and the Austrian School‚ the fact that a firm earns an abnormal profit (monopoly) profit does not constitute evidence that the firm is guilty of abusing its market(monopoly) power at the expense of consumer: entrepreneur‚ creative destruction monopoly status is only a temporary phenomenon competition is a dynamic process Disequilibrium reflects imperfect information or ignorance on the part of buyers and sellers
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Notes Factors affecting demand: * Price of Substitutes- An increase in the price of a good’s substitute will increase demand for the good. * Price of Complements- An increase in the price of a good’s complement will decrease demand for the good. * Consumers’ Income- A rise in income increases the demand for normal goods and decreases the demand for inferior goods. * Consumers’ Expectations- If consumers expect a product’s quality to increase in the near future‚ they will have a lower
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What are the four market structures and their characteristics? According to McConnell and Brue (2004) describe four market structures that companies align themselves with during the course of their corporate lives.: “Pure Competition‚ Pure Monopoly‚ Monopolistic Competition and Oligopoly. Companies may move from market structure to market structure over the course of growth and time. This movement between structures may be the result of product changes‚ introduction of competition or consumer
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non price competition in order to avoid price wars. In an oligopoly the firms are interdependent and take into account likely reactions of their rivals to any change in price‚ output or forms of non-price competition. In perfect competition and monopoly‚ the producers did not have to consider a rival’s response when choosing output and price. The kinked demand curve can be used to support this‚ elastic - rivals wouldn’t-amour pro PF - - _ _ - -rivals more likely to follow
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B. Answers to Short-Answer‚ Essays‚ and Problems 1. What are the major features of monopolistic competition compared to pure competition and pure monopoly? In monopolistic competition‚ there are a relatively large number of firms‚ not the thousands of firms as in pure competition. The monopolistically competitive firms produce differentiated products‚ not the standardized products of pure competition. Product differentiation means that monopolistic competitors engage in some price competition
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IMAX Corporation IMAX Corporation IMAX Corporation is one of the most advanced companies in the world that manufactures‚ distributes and exhibits digital movie theater systems around the world. It specializes on developing high definition film cameras‚ large theater screens and high resolution projectors. The 3D image technologies along with surround sound system are designed to bring a new experience to the spectators‚ making them feel they are part of the show. The innovations and high quality
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different product or (market-specific) service‚ and the products combine to satisfy a common need. It is contrasted with horizontal integration.Vertical integration is one method of avoiding the hold-up problem. A monopoly produced through vertical integration is called a vertical monopoly‚ although it might be more appropriate to speak of this as some form of cartel. Two types of vertical integration:- Backward Vertical integration when it controls subsidiaries that produce some of the inputs used
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consumer is willing to pay and the price actually paid is known as consumers’ surplus. Thus a firm engaging in first degree price discrimination is attempting to extract all the consumers’ surplus from its customers’ as profits. In general graph of monopoly‚ one of the most interesting things to look at is marginal revenue. While demand curve indicates the relationship between the quantity and the price‚ marginal
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COMPETITION LAW IN INDIA‚ US & UK: A COMPARITIVE ANALYSIS (Internship Report-November 2012) Submitted by: Srishti Dutt Vth Year‚ B.A.LL.B (Hons.) National Law University Delhi ACKNOWLEDGEMENTS I would like to thank the staff and members of the Competition Commission of India without whose help the Report would have been extremely tough to be completed. I would like to thank Dr. Satya Prakash‚ my supervisor and guide in helping me throughout the duration of my internship. My graititude
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