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Discuss the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly

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Discuss the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly

Essay 2 (answer all 5 questions)
1. Discuss the basic characteristics of pure competition, pure monopoly, monopolistic
competition, and oligopoly. Give examples. Why is the equality of marginal revenue and
marginal cost essential for profit maximization in all market structures?
2. Determine which market the following industries fit in. Choose from purely
competitive, monopoly, oligopoly or monopolistic competition. Explain your choice.
a. Corn farming
b. Grocery stores
c. Electric companies
d. Automobile manufacturing
3. Is Jill Johnson correct or incorrect when she says the following: “When I am producing
20,000 pizzas per month , my total cost is $75,000. If I produce 20,001 pizzas, my total
cost will rise to $75,003. When I produce 20,002 pizzas, my total cost rises to $75,005
pizzas.” Therefore, my marginal cost of producing pizzas must be increasing.” Illustrate
your answer with a marginal cost graph.
4. Explain why a business in a purely competitive market may want to stay in business in
the short run even if it is losing money. Discuss why it is so difficult to make positive
profits in this market.
5. Recently Nick Saban agreed to leave his job as head coach of the Miami Dolphins to
take a job as head football coach at the University of Alabama at a salary of $4 million
per year for eight years. Boise State paid their coach Chris Petersen $500,000 in 2007
and they went undefeated that season. Might Saban still be worth a salary of $4 million
per year to Alabama even if he is not “eight times better” than a coach being paid
$500,000 at another school? In your answer, be sure to refer to the marginal product of
labor and the marginal revenue product of labor.

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