Question 1 Â
Explain with the use of diagrams where appropriate how perfect competition leads to allocative productive and dynamic efficiency. (10 marks)Â Â Â
Question 2 Â
While firms in both the perfectly competitive structure and the monopolistically competitive structure earn zero economic profit in the long run, it can be said that perfect competition is a more efficient structure than monopolistic competition. Discuss this statement with the use of appropriate diagrams. (7 marks for explaining why firms in both market structures earn zero economic profits, 3 marks for explaining why perfect completion is more efficient.)Â Â Â
Question 3 Â
What is a natural monopoly? (3 marks) If a firm is a natural monopoly, illustrate with the use of diagrams why is it is necessary to have the price set by a regulatory authority rather than by the market. (7 marks)Â Â
Question 4:Â Â
One of the defining charateristics of an oligopoly is non-price compertion. Why is the case and how is this related to game theory scenarios such as the Prisonerâ€™s dilemma?Â (10 marks)Â Â Â Â Â Â Â
Â Question 5: Â
Attempt either Part A or Part B Â
Part A Petrol prices recently plummeted; discuss some of the reasons behind this developmentÂ Â Â Â Â OR Part B Â
Discuss the pros and cons of deregulation of university education and fees.
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