Hi! I have some questions for Economics for my test and I need your help. Pleasse explain your answer. Thank you so much!!!! :)
1) Perfect competition
a) How will it will lead to efficient resource allocation?
b) How do economic profit and normal profit undo perfect competition and what happens in the long run?
2) Pure monopoly
a) What is the social cost of pure monopolies?
b) What is a radical monopoly?
c) What are 3 ways to regulate a monopoly?
How do they behave in:
a) collusion and cartel model
b) price leadership model
5) Market failure
Why the public good, imperfect competition, externalities, and asymmetric information leads to market failure?
1) Perfect competition a) How will it will lead to efficient resource allocation? Efficiency in a perfect competition... View the full answer