Module 5 – Case

Imperfect
Competition

Case
Assignment

Competition and Market Power

Review the following questions and
prepare a 4- to 5-page paper on the following questions:

1. Explain the difference between the demand curve facing
   a monopoly firm and the demand curve facing a perfectly competitive firm.
2. Which of the following is (are) most likely to be
   produced under conditions resembling a monopoly: oil, automobiles,
   diamonds, electricity transmission, and eggs. Defend your answer in
   economic terms.
3. Name one monopoly firm you deal with. What is the
   source of its monopoly power? Do you think it seeks to maximize its
   profits?
4. This module focuses on four types of firms:
   1. perfectly competitive
   2. monopoly
   3. monopolistic competitive
   4. oligopoly

Which of the above firms would most
likely have zero economic profit in the long run? (It can be more than one
type.) Explain.

Assignment
Expectations

Use concepts from the modular
background readings as well as any good-quality resources you can find. Be sure
to cite all sources within the text and provide a reference list at the end of
the paper.

Length: 4–5 pages double-spaced and
typed.

The following items will be assessed
in particular:

• Your ability to understand the differences between
  perfect and imperfect competition.
• Some in-text references to the modular background
  material (APA formatting not required).
• The essay should address each element of the
  assignment. Remember to support your answers with solid references
  including the Case readings.

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