Explain pure competition and the competitive firm. Determine profit maximization in the short run and the importance of entry and exit for long-run equilibrium.

Monopoly. Microeconomy class.

Complete the following:

  • Based      upon this week’s readings, analyze an article published within 60 days      prior to the term that deals with a monopoly—closed, open, or natural.
  • Analyze      the factors driving change in the industry. Are there potential changes      due to globalization or technology that might alter this firm’s position      as a monopolist? What are they? Why would they alter the firm’s position      as a monopolist?

Requirements:

  • Your      paper should be at least 3 pages in length and must conform to the APA      format. Include a supply-demand graph relevant to a monopoly. Please note,      that you need to create the graph and not copy it from any source. Any      copied and pasted graphs will not earn any points.
  • Incorporate      at least 4 scholarly references that are not required readings for this      module.

Required

  • Chapters      9 & 10 in Introduction to Microeconomics
  • Chapters      16 & 19 in The Economics of Public Issues

Recommended

Learning Outcomes

  1. Explain      pure competition and the competitive firm.
  2. Determine      profit maximization in the short run and the importance of entry and exit      for long-run equilibrium.
  3. Summarize      the three types of monopolies and analyze how each can determine price in      the short and long run.

Compare monopoly to competition.

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