Question: Choose two industries that you believe are very different Identify
Choose two industries that you believe are very different. Identify factors used in those industries that in the short run are (a) fixed; (b) variable.
Answer to relevant QuestionsTaking the same industries, identify as many economies of scale as you can.If supernormal profits are competed away under perfect competition, why will firms have an incentive to become more efficient?Why, under oligopoly, might a particular industry be collusive at one time and yet highly price competitive at another?Why is it difficult to test the assumption that firms seek to maximizelong-run profits?In what ways might the views of different politicians on what constitutes a ‘good’ tax system conflict?
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