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Economics for Business: Perfect Competition, Monopoly, Monopolistic and Oligopoly Markets

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Added on  2020-02-12

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This article discusses the different markets such as perfect competition, monopoly, monopolistic and oligopoly markets and their impact on the Australian cafe coffee shop industry. It explains the conditions required for each market and how prices are determined. The article also includes diagrams to help understand the concepts. The subject is Economics for Business and the course code is not mentioned. The college/university is not mentioned.

Economics for Business: Perfect Competition, Monopoly, Monopolistic and Oligopoly Markets

   Added on 2020-02-12

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ECONOMICS FORBUSNIESS
Economics for Business: Perfect Competition, Monopoly, Monopolistic and Oligopoly Markets_1
Table of ContentsINTRODUCTION...........................................................................................................................5Assignment 4...................................................................................................................................5Question 1 Describe how an industry compares with different firms located in the perfectlycompetitive market. Is Australian industry is perfectly competitive industry?..........................5Question 2 Determination of price exists in the perfectly competitive market and also ascertainquantities they sell.......................................................................................................................5Question 3 Is it possible to earn profit or loss in short time period in perfectly competitionmarket. Explain diagrammatically...............................................................................................6Question 4. Determine the possibility of firm to earn above normal profit in long term whilelocating perfectly competitive market.........................................................................................7Assignment 5...................................................................................................................................8Question 1 Explain how current sector will compare with another industry in relation tovarious conditions of existence of monopoly market. Is you industry a monopoly industry?....8Question 2 How to determine price, quantity sold by firm in the monopoly market structureand also consider the cases of a private monopoly and a regulated monopoly...........................8Question 3 An entity operated their business in monopoly market can earn super normal profitor not. ..........................................................................................................................................9Question 4 Can monopoly industry make an economic profit or economic loss in long run? .10ASSIGNMENT 6...........................................................................................................................10Question 1 Describe conditions to know the market status of monopolistic market. Is yourindustry a monopolistic competition industry?..........................................................................10Question 2 How firm determine price to be charged for their product or sell specific quantityin the monopolistic market. ......................................................................................................11Question 3 Explain using diagrams how a firm will make effort in order to generate profit byminimizing loss conditions in the same market. .......................................................................11Question 4 Long run profit generation by firm in the monopolistic market..............................12Question 5 Conditions to be satisfied by firm in order to maintain their existence as oligopolymarket player.............................................................................................................................13Question 6 How oligopoly market players determine their price to attract customers and alsodetermine quantity number to sell.............................................................................................14Question 7 Reasons behind earning higher profit in the current market..................................14Question 8 Explain the factors behind earning higher amount of profit in the long run...........15Question 9 Should a firm in your industry spend money on promotion, branding and/orimage? Why, or why not?..........................................................................................................15
Economics for Business: Perfect Competition, Monopoly, Monopolistic and Oligopoly Markets_2
Question 10 ...............................................................................................................................15Discuss efficiency in your industry. Is this the best outcome for efficiency? Why or why not?...................................................................................................................................................15Are there any benefits in your industry that compensate for a loss of efficiency, is there is anyin your industry..........................................................................................................................16If there is no loss of efficiency in your industry, discuss very briefly why all other marketstructures cannot be like your industry......................................................................................16Conclusion.....................................................................................................................................16
Economics for Business: Perfect Competition, Monopoly, Monopolistic and Oligopoly Markets_3
Illustration IndexIllustration 1: economic profit or economic loss in short run in perfect competition......................6Illustration 2: Profit or loss in long run in Perfect competition.......................................................7Illustration 3: Super normal profit or economic loss in short run monopoly market......................9Illustration 4: Profit or loss situation in long run under monopoly market..................................10Illustration 5: Above normal profit or economic loss in long run monopolistic market...............13
Economics for Business: Perfect Competition, Monopoly, Monopolistic and Oligopoly Markets_4

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