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Review Questions for Final Examination
1. Explain the long-run outcome of a perfectly competitive product market in which the firms operate with diminishing marginal returns and experience constant returns to scale in the long run. Draw a diagram (containing three graphs, one for the representative firm, one for the market, and one for the representative consumer) showing the mechanics of this argument. Explain what determines the price of the product in the long-run and how that might differ from the short-run.
2. Explain, and show (using unit cost and revenue curves), the profit maximizing choice of a monopolist (assume that the monopolist is making economic profits – i.e. above-normal profits). Why is this outcome generally considered inefficient? Elaborate.
3. Explain, and show (using unit cost and revenue curves), the long-run outcome of monopolistically competitive markets. Why is this outcome generally considered inefficient? In what sense is it inefficient? Elaborate.
4. Explain what is meant by an oligopolistic market structure. What outcomes are typical of these market structures? Are these markets efficient? Why? Elaborate.
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5. Explain what’s meant by a Pareto Optimal allocation of goods.
6. Explain and show (using an Edgeworth Box), how an inefficient allocation of goods differs from an efficient allocation. Elaborate
7. List and explain three reasons why real market systems fail to achieve efficiency (Pareto Optimality).
8. The uninformed sometimes claim that if the real world were perfectly competitive everyone would have a job and earn a livable wage. Critique this statement and explain why it’s incorrect. You can use an Edgeworth Box, if you wish, to point out one of the errors in this statement.
product code: Economics-AW736
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