A monopoly occurs when there are barriers entering the market. List 3 types of these barriers with explanation and example. (
Question 1:
a. A monopoly occurs when there are barriers entering the market. List 3 types of these barriers with explanation and example. (1 Mark)
b. Fill the following table for a monopolist firm. (1 Mark)
Marginal revenue
Total revenue
Output
Price
0
$100
1
$85
2
$70
3
$55
4
$40
5
$25
c. Draw the demand curve and the marginal revenue curve for the above table. And explain the relationship between the marginal revenue and the price. (1 Mark)
Question 2.
a. Explain the effects of low price-guarantee on the price. (1 Mark)
b. Give reasons, when average cost increases as the total output increases for an increasing cost industry. (1 Mark)
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
