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DQ’s need to be answered in 5 hours ZERO Plagiarism 200 word count for each question.
Week 3 DQ1 1.) Six Conditions for Perfect Competition As you discuss in your post, Colander lists six conditions for perfect competition in the course textbook. Perfect competition is a theoretical concept which is used compare real world markets to an ideal in which no single firm has pricing power in a market. No actual market meets all six conditions of perfect competition so an actual market can only meet some of the conditions or approximate all of the conditions.
Which of the six conditions for perfect competition do you believe is the most difficult to fulfill in real world market? Please explain your answer. Does Colander state which condition is the most unrealistic in the textbook?
Week 3 DQ2 2. Monopolistic Competition and the U.S. Economy There are a smaller number of oligopoly markets in the domestic economy with only a small number of market approximating (but not meeting) the conditions for perfect competition. All monopoly markets are illegal under U.S. federal anti-trust law with only natural monopolies such as water and sewer service permitted by the federal government.
Why do you think monopolistically competitive markets are so pervasive in the U.S. economy as opposed to some other market structure? What is an example of a country’s economy which is not dominated by monopolistically competitive markets?
3. What are some real-life examples of monopolistically competitive, oligopoly, and monopoly markets? How do market prices differ between perfectly and imperfectly competitive markets? Will a monopoly always produce at a profit-maximizing output level? Explain your answer.
4. Week 3 DQ1 – Six Conditions for Perfect Competition
Perfect competition is a theoretical concept which is used compare real world markets to an ideal in which no single firm has pricing power in a market. No actual market meets all six conditions of perfect competition so an actual market can only meet some of the conditions or approximate all of the conditions.
Which of the six conditions for perfect competition do you believe is the most difficult to fulfill in real world market? Please explain your answer. Does Colander state which condition is the most unrealistic in the textbook?
5. Week 3 DQ2 – Monopolistic Competition and the U.S. Economy
Why do you think monopolistically competitive markets are so pervasive in the U.S. economy as opposed to some other market structure? What is an example of a country’s economy which is not dominated by monopolistically competitive markets?
