- Explain the difference between short-run equilibrium and long-run equilibrium in monopolistic competition.
- “Perfect competition is a more desirable market form than monopolistic competition.” Discuss.
- With the help of a diagram, explain when a firm should shut down in the short run.
- Explain the concept of a natural monopoly
- Explain how a firm operating in an oligopolistic market might attempt to increase its market share.
- Evaluate the view that producers, and not consumers, are the main beneficiaries of oligopolistic market structures.
- Using at least one diagram, explain the difference between profit maximization and sales revenue maximization as goals of the firm.
- In the theory of the firm, a distinction is made between short-run cost curves and long-run cost curves. Using appropriate cost curve diagrams, explain this distinction.
- Evaluate the view that greater economic efficiency will always be achieved in perfect competition as compared to monopoly.
- Explain why prices tend to be relatively stable in a non-collusive oligopoly.
- With the aid of at least one diagram, explain one way a consumer might gain from the behavior of a monopolist and one way a consumer might lose from the behavior of a monopolist.