Question
Please help with as many as possible. Thanks in advance! 8) How do patents affect markets? 9) What constitutes a monopoly? 10) Are there any
Please help with as many as possible. Thanks in advance!
8) How do patents affect markets?
9) What constitutes a monopoly?
10) Are there any justifications for a monopoly?
11) How does competition affect monopoly power?
12) What is different about monopolistic competition and perfect competition? (How about some examples of each)
13) What is the demand for a monopolistically competitive firm's product and what determines its shape? (Does advertising help monopolistically competitive firms or perfectly competitive firms - why/how?)
14) Describe an oligopoly and indicate what some of the issues that arise with it in terms of benefits/costs to society. How does the interdependence work and what constitutes a cartel?
15) This area of economics covering perfect (pure) competition through monopoly is called market structures. What I would like you to do is to is pick two structures and compare/contrast them.
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