dr. phelps (Edmund Phelps) claims the US is becoming more corporatist -- which of the four models (pure competition, monopolistic competition, oligopoly, or monopoly) may be the most useful for analyzing the microeconomic behavior of firms in today's economy? discuss whethere you belibe Phelps is correcg in concluding that our current social-political-economic system does not facilitate nor stimulate our economy's dynamism as much as it did in the past. response should be at least 5 sentences per each part of the question. so a total of 10 sentences or more.

dr. phelps (Edmund Phelps) claims the US is becoming more corporatist -- which of the four models (pure competition, monopolistic competition, oligopoly, or monopoly) may be the most useful for analyzing the microeconomic behavior of firms in today's economy? discuss whethere you belibe Phelps is correcg in concluding that our current social-political-economic system does not facilitate nor stimulate our economy's dynamism as much as it did in the past. response should be at least 5 sentences per each part of the question. so a total of 10 sentences or more.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 20P: May and Raj me the only two growers who provide organically grown corn to a local grocery store....

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20. How is a monopoly (or oligopoly for that matter) able to remain that way? Okay, let's say a company has no competitors today. But won't it start having some competitors tomorrow? Explain at least one reason why a monopoly or oligopoly could be long-lasting (e.g. why other firms may not wish to enter a monopolist's market and "start a fight" with a monopolist).
An account of the difficulties of Japanese mobile phone manufacturers argues that thesefirms made a mistake by concentrating on selling in high-income countries while makinglittle effort to sell in low-income countries:The main growth in the wireless industry overall is in emerging markets, which needcheap phones. The world’s top three makers—Nokia, Samsung and Motorola—focus onthis segment. . . . Japanese firms are caught in a vicious circle: because they are notselling to poor countries, their volume stays low, which keeps prices high, which makesselling to poor countries infeasible.Why would the price of Japanese mobile phones be high because Japanese firms areproducing these phones in low volumes? Use a graph to illustrate your answer.
how conflicting affecting cartels and like cartels like opec fail to reachto consensus on price and quantity?
PLEASE ANSWER ASAP How do you differentiate Oligopoly from a Monopoly? And how can an oligopoly market earns its profit?
The "inverted U" hypothesis implies that the majority of technological innovations will occur in perfectly competitive and oligopoly markets. the majority of technological innovations will occur in monopololy and oligopoly markets. the majority of technological innovations will occur in monopolistically competitive and monopoly markets. O the majority of technological innovations will occur in monopolistically competitive and oligopoly markets.
May and Raj me the only two growers who provide organically grown corn to a local grocery store. They know that if they cooperated and produced less corn, they could raise the price of the com. If they work independently, they will each earn 100. If they decide to work together and both lower their output, they call each earn 150. If one person lowers output and the other does not, the person who lowers output will earn $1 and the other person will capture the entire market and will earn 200. Table 10.6 represents the choices available to Mary and Raj. What is the best choice for Raj if he is sole that Mary will cooperate? If Mary thinks Raj will cheat, what should Mary do and why? What is the prisoners dilemma result? What is the preferred choice if they could ensure cooperation? A = Work independently; B = Cooperate and Lower Output. (Each results entry lists Rajs earnings first, and Marys earnings second.)
Intellectual property laws are intended to promoteinnovation, but some economists, such as MiltonFriedman, have argued that such laws are not desirable.In the United States, there is no intellectual propertyprotection for food recipes or for fashion designs.Considering the state of these two industries, andbearing in mind the discussion of the inefficiency ofmonopolies, can you think of any reasons whyintellectual property laws might hinder innovation insome cases?
1. Is a monopolistically competitive firm productively efficient? Is it allocatively efficient? Why or why not? 2. What stops oligopolists from acting together as a monopolist and earning the highest possible level of profits? Is there a way for oligopolists to attempt to maximize profits? What are the risks of such attempts (and utimately, generally cause such attempts to fail)?
mether to produce a low output or a high output. nese output strategies with corresponding profits are depicted in the ayoff matrix to the right. Kuwait's profits are in red and Saudi Arabia's are in blue. Suppose the two countries form a cartel. What is the cooperative equilibrium? Kuwait O A. The cooperative equilibrium is for Saudi Arabia to produce a high output and Kuwait to produce a high output. Low Output High Output O B. A cooperative equilibrium does not exist for this game. $125 $75 Low Output O C. The cooperative equilibrium is for Saudi Arabia to produce a low output and Kuwait to produce a high output. $8 $13 Saudi Arabia O D. The cooperative equilibrium is for Saudi Arabia to produce a high output and Kuwait to produce a low output. $98 $70 E. The cooperative equilibrium is for Saudi Arabia to broduce a low output and Kuwait to produce a low output. High Output What is the Nash equilibrium for this game? O A. The Nash equilibrium is for Saudi Arabia to produce a high…
Table 18-14 Suppose that two oil companies-BP and Exxon-own adjacent natural gas fields. The profits that each firm earus depends on both the member of wells it drills and the number of wells drilled by the other firm. The table below lists each firm's individual profits: Exxon Drill one well Drill two wells BP Drill one well BP Drill two wells Exxon's profit $10 million BP's profit $10 million Exxon's profit $6 million BP's profit $12 million Exxon's profit $12 million BP's profit $6 million Exxon's profit $8 million. BP's profit $8 million Refer to Table 18-14. Does BP have a dominant strategy? If so, describe it. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIUS Paragraph Arial 5 田田田园 10pt 89. M XX, 833 >>() ⒸO HE [+ V A AV ✓ Z X T 94 ΩΘΙ *** 68.88
There is much evidence that large firms with considerable market power (firms such asmonopolies) may not maximize profits but may pursue quite different objectives such asgrowth or sales revenue maximization. What are the arguments put forward to defendmonopoly? Name any 5 Generally, the aim of a business is to maximize profit. Which point should a firm operateat in order to achieve maximum profit? By making use of a graph indicate clearly the pointat which a firm makes maximum profit and a point where a firm increase their output inorder to enhance profit as well as well as the points where they should reduce theirproduction if they want to enhance profit
Think about firms such as the Coca Cola Company and PepsiCo who competeagainst each other in the monopolistically competitive market for soft drinks. Eachfirm produces a unique product, but each of these unique products is to some extenta substitute for the soft drinks produced by rival companies.Now imagine a situation where the firms within such a market are facing suchextreme competition that they are unable to make an operating profit. Characterisethis situation diagrammatically and explain what will happen to the market, payingparticular attention to the exit or entry of firms out of (or into) the market.