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Economics Assignment on ECON 1901 fianl

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Economics Assignment on ECON 1901 fianl


Type all your answers in a single word document. Use Times New Roman 12 point font and double space your answers.

Answer all of the following five questions. Try to write at least one page, double spaced, for each question. You can copy and paste the text below into your document for reference or print out the page in your web browser. Questions should be clearly labelled in your submission.

  1. Explain fully why firms in monopolistic competition must have excess capacity when they are in long-run equilibrium. Explain why this excess capacity increases price by only a small amount. Why are consumers willing to pay this slightly higher price?
  2. Explain fully why perfectly competitive and monopolistically competitive firms must earn only normal profits in long-run equilibrium but monopolies can earn either normal profits or economic profits in long-run equilibrium.
  3. Explain fully the difference between consumer surplus and producer surplus. Explain why a single consumer can get consumer surplus. Explain why a single producer can get producer surplus.
  4. Explain fully the difference between increasing opportunity cost and the law of diminishing returns.
  5. Explain fully why the short-run supply curve for a firm in perfect competition is the rising portion of the firm’s marginal cost curve above the firm’s minimum AVC curve.



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