Zhang_Week4_Assisgnment - Xinyu Zhang Dr Hionis Managerial...

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Xinyu Zhang Dr. Hionis Managerial Economics Week 4 assignment 9-4 Competitive Industries Relative to managers in more monopolistic industries, are managers in more completive industries more likely to spend their time on reducing costs or on pricing strategies. Firms in monopolistic industries are more likely to spend time on reducing cost and pricing strategies because firms in monopolistic competition sells differentiated products and sales depend greatly on pricing strategy. The firms can sold more products by reducing the price of it. 9-6 Economics versus Business Describe an important difference in the way an economist and a businessperson might view a monopoly. In the view of businessperson, monopoly could make the profits by charging high price and do not worry but competition of patents. In the view of economists, they more focus on the function and affect of monopoly in the whole competitive business market such as reduces the maximum possible output and causing inefficiency in production system.
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