Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.

Review the following questions and prepare a 5-6 page paper on the following questions:

 

1) Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.

2) Which of the following is (are) most likely to be produced in a market resembling a monopoly – oil, books or movies, tap water, and wheat. Defend your answer in economic terms.

3) Which type of firm is most likely to have zero economic profit in the long-run: monopoly, oligopoly, monopolist competition or perfect competition? Explain.

4) The government often has two conflicting roles. It protects consumers by keeping prices fair and promotes a free market (entry of firms). Suppose your firm has a special patent. Do you think patent licenses should expire?

Be sure to support your argument with references and economic concepts from Supply and demand or cost of production and the labor as well.

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