TECHNOLOGICAL INSTITUTE OF THE PHILIPPINES COLLEGE OF BUSINESS EDUCATION Principles of Economics With Land Reform and Taxation (Econ 003) NAME : _______________________________________________ SCORE : ____________________________ MIDTERM QUIZ No. 1 (Take Home) SECTION: _____________________________ DIRECTION: Write the CAPITAL LETTER of the CORRECT ANSWER on the space provided. Any form of ERASURES is strictly not allowed. 1. If you were running a firm in a perfectly competitive
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type of market in which it operates. The purpose of this session is to explore each of the main types of market structure and consider the differences between them. There are 4 main types of market structure: * Perfect competition * Monopoly * Oligopoly * Monopolistic competition There are two main differences between each of the above market types: 1. The amount of competition there exists between the organisations involved in the market. 2. The degree to which the
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Student’s ID : Batch No : Assignment Topic: In the course of venturing into and/or conducting its business‚ a firm may fit into one form of the market structure types of pure competition‚ monopolistic competition‚ oligopoly and monopoly. In each of the four market structure types‚ analyse and evaluate the Structure-Conduct-Performance paradigm strategies a firm should pursue to sustain and improve on its profitability as much as possible. In the course of writing your assignment
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monopolistic competition firms can behave like monopolies in the short-run‚ including using market power to generate profit. In the long-run‚ other firms enter the market and the benefits of differentiation decrease with competition; the market becomes more like perfect competition where firms cannot gain economic profit. However‚ in reality‚ if consumer rationality/innovativeness is low and heuristics is preferred‚ monopolistic competition can fall into natural monopoly‚ at the complete absence of government
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interventing in the pasta market to try to reduce pasta prices». First of all‚ to make it clear for the further writing‚ monopoly is a market structure dominated by a single seller of a good‚ and subsidies are the payments by government to producers to encourage production of good and services. In order to protect the interests of consumers‚ the government can regulate the monopoly power of the firms in a free market‚ as this power enables firms to set high prices for the goods and services they
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improving ones technology can also contribute to economic efficiency was something that Katrina found interesting. Mark was comfortable with all the topics covered in week three and especially enjoyed learning more about the differences in operating in a monopoly‚ monopolistic competition‚ and an oligopoly. Danielle felt most comfortable with the process of supply and demand and how it plays an important role in the economy. Danielle feels that understanding how the supply and demand process works is beneficial
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Author Note This paper was prepared for ECN 150‚ Module 6 Homework taught by Professor Danielle Babb. PART I SYSTEMS OF BUSINESS ORGANIZATION Economists assemble businesses into 4 different market structures: pure competition‚ pure monopoly‚ monopolistic competition‚ and oligopoly. These 4 market representations contrast in numerous respects: the quantity of companies in the industry‚ whether those companies create even merchandise or attempt to distinguish their merchandises from the
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should focus on your lecture and section notes‚ as well as the practice questions. Good luck in your study! MONOPOLY 1. Definition and fundamental sources of Monopoly. ---Barriers to entry (examples?): a. exclusive ownership of a key resource; b. exclusive right assigned by the government; c. economies of scale; d. threat of force or sabotage. 2. Natural Monopoly. ---arises where it’s more efficient for a single firm to serve the society. (Examples? What will happen if we
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government‚ or with Microsoft? In answering this question‚ you may wish to address two issues. Was Microsoft a monopoly? Did it use its monopoly to compete unfairly against other companies? Commencing in 1990‚ Microsoft was investigated and then charged with violation of the Sherman Antitrust Act which governs United States businesses. The company was determined to be a monopoly‚ and one which used anti-competitive practices to keep its leading edge on the market. As would most any organization
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or commerce among the several States‚ or with foreign nations is declared to be illegal‚” (McConnell‚ Brue‚ & Flynn‚ 2012). This piece of legislation was put into place to prevent extreme concentrations of economic power. It was designed to make monopolies illegal to have which would restrain trade‚ and any conspiracies to restrain trade. If a firm was found guilty for violating the provisions of the Sherman Act‚ a corporation could be dissolved by order of the court‚ fined or imprisonment‚ given
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