- Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.
- Which of the following is (are) most likely to be produced in a market resembling a monopoly – oil, books or movies, tap water, and wheat. Defend your answer in economic terms.
- Which type of firm is most likely to have zero economic profit in the long-run: monopoly, oligopoly, monopolist competition or perfect competition? Explain.
- The government often has two conflicting roles. It protects consumers by keeping prices fair and promotes a free market (entry of firms). Suppose your firm has a special patent. Do you think patent licenses should expire? Be sure to support your argument with references and economic concepts from previous modules as well.
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