Think of three examples of monopolies (local or national) and consider how contestable their markets are.
Answer to relevant QuestionsIn what ways is a monopolistically competitive firm likely to be less efficient than one under perfect competition?Think of two examples of price discrimination. In what ways do the consumers gain or lose? What information would you need to be certain in your answer?Do behavioral theories of the firm allow us to make any predictions about firms’ prices and output?In what ways might the views of different politicians on what constitutes a ‘good’ tax system conflict?Consider the advantages and disadvantages of extending property rights so that everyone would have the right to prevent people imposing any costs on them whatsoever (or charging them to do so).
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