– This assignment is an individual assignment to be submitted in a word file.
– Students are encouraged to use their own words.
– Support your submission with course material concepts, principles, and theories from the textbook, along with at least two scholarly, peer-reviewed journal articles for each question.
– A mark of zero is awarded for any submission that includes copying from other resources without proper referencing it.
– Write at least 9 pages in length, excluding the title page and required reference page. Note: For all your answers support your views/opinions with at least two to three scholarly references, and a word count at least of 500 words for each answer.
– Write answer below each question.
– It is strongly encouraged that the student submits his/her assignment into the Safe Assignment Originality Check Plagiarism before sending it to your instructor for grading.
– Plagiarism less than 10%.
Q1. Firms in oligopoly must constantly think in terms of how other firms in the industry will react to whatever they do. Why do they have to do this? Why is it that firms in perfect competition and in monopoly don’t have to worry about how other firms will react? (5 Marks)
Q2. Governments are frequently tempted to introduce price ceilings in markets. Use an example to explain why this is not such a good idea, at least when markets are competitive. Give some ideas as to what the government could do instead in order to help consumers in these markets. (5 Marks)
Q3. If perfectly competitive firms are price takers, and monopolistic, monopolistic competitive, and oligopolistic firms are price searchers, then it follows that three times as many firms in the real world are price searchers than are price takers. Do you agree or disagree? Explain your answer. (5 Marks)
Q4. Critically analyze the following statement with views of your own:
“There is no substitute for an airline pilot: Someone has to fly the plane. Therefore, an increase in the wage of airline pilots will not change the number of pilots used by the airlines.”(5 Marks)
Learning Resource: Chapters 7, 8 & 10 of the Text Book O’Sullivan, A., Sheffrin, S. M., & Perez, S.J. (2014).Survey of Economics: Principles, Applications, and Tools. (6th).Upper Saddle River, NJ: Pearson Education. Print version: ISBN-10: 0-13-294885-0 or ISBN-13: 978-0-13-294885-2.Digital version: ISBN-13:978-0-13-13-9370-7.
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