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Assignment Task:

Task:

  • If identical firms that remain in a competitive market over the long run make zero economic profit, why do these firms choose to remain in the market? Discuss this question using an example of a New Zealand firm/industry.
  • Use a graph to demonstrate the circumstances that would prevail in a perfectly competitive market where firms are experiencing economic losses (for example loss due to the Covid-19 pandemic). Identify costs, revenue, and the economic losses on your graph. Using your graph, fully explain whether an individual firm will shut down in the short run or choose to remain in the market.
  • In many countries, the government chooses to "internalise" the monopoly by owning monopoly providers of goods and services. In some cases, these firms are "nationalised," and the government actually buys or confiscates firms that operate in monopoly markets. What would the advantages and disadvantages of such an approach be to ensure that the "best interest of society" is promoted in these markets?
  • Comparing firms in perfectly competitive markets to monopoly firms,
  • which one can earn economic profits in the long run?
  • which one charges a price equal to marginal cost?
  • which one produces more output?
  • which one charges higher prices?

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  • Posted on : September 13th, 2019
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