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  • Mulungushi University School of Social Sciences Department of Economics Introduction To Micro-Economics Tutorial Sheet 6

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    Faith
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    The document is a tutorial sheet for an introduction to microeconomics course that covers key concepts relating to market structures, including: 1) It defines market structure and lists five characteristics each of perfect competition, monopolistic competition, oligopoly, and monopoly. 2) It addresses profit maximization conditions for perfect competitors and monopolists. 3) It discusses monopoly power, abnormal profits, and graphically illustrates profits, losses and breakeven for perfect competitors and monopolists. 4) It explains why abnormal profits disappear for perfect competitors in the long run and the short-run and long-run decisions of firms to shutdown or exit an industry. 5) It defines excess capacity and illustrates it graphically.

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    test yourself microeconomics

    Titre original

    test yourself microeconomics

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    The document is a tutorial sheet for an introduction to microeconomics course that covers key concepts relating to market structures, including: 1) It defines market structure and lists five characteristics each of perfect competition, monopolistic competition, oligopoly, and monopoly. 2) It addresses profit maximization conditions for perfect competitors and monopolists. 3) It discusses monopoly power, abnormal profits, and graphically illustrates profits, losses and breakeven for perfect competitors and monopolists. 4) It explains why abnormal profits disappear for perfect competitors in the long run and the short-run and long-run decisions of firms to shutdown or exit an industry. 5) It defines excess capacity and illustrates it graphically.

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    9 vues1 page

    Mulungushi University School of Social Sciences Department of Economics Introduction To Micro-Economics Tutorial Sheet 6

    Transféré par

    Faith
    The document is a tutorial sheet for an introduction to microeconomics course that covers key concepts relating to market structures, including: 1) It defines market structure and lists five characteristics each of perfect competition, monopolistic competition, oligopoly, and monopoly. 2) It addresses profit maximization conditions for perfect competitors and monopolists. 3) It discusses monopoly power, abnormal profits, and graphically illustrates profits, losses and breakeven for perfect competitors and monopolists. 4) It explains why abnormal profits disappear for perfect competitors in the long run and the short-run and long-run decisions of firms to shutdown or exit an industry. 5) It defines excess capacity and illustrates it graphically.

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 1

    MULUNGUSHI UNIVERSITY

    SCHOOL OF SOCIAL SCIENCES


    DEPARTMENT OF ECONOMICS
    INTRODUCTION TO MICRO-ECONOMICS TUTORIAL SHEET 6
    1. Explain the meaning of the term market structure

    2. List and briefly explain any five characteristics of perfect competition

    3. List and briefly explain any five characteristics of monopolistic competition

    4. List and briefly explain any five characteristics of oligopoly

    5. List and briefly explain any five characteristics of monopoly

    6. Explain the profit maximising condition for a perfect competitor

    7. Explain the profit maximising condition for monopolist

    8. What is meant by the term monopoly power

    9. What are abnormal profits

    10. Graphically show a perfect competitor making abnormal profit, normal profits and
    loss(on 3 separate graphs)

    11. Graphically show a monopolist making profits, zero profits and loses ( on 3 separate
    graphs)

    12. Explain why a perfect competitors abnormal profits disappear in the long run

    13. Explain the short run decision of a firm to shutdown

    14. Explain the long run decision of a firm to exit the industry

    15. What is meant by excess capacity? And graphically show it ?

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