The difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm
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 under conditions resembling perfect competition – automobiles, beer, corn, diamonds, and eggs. Defend your answer in economic terms.
3. Read the Case in Point “Competition in the Market for Generic Prescription Drugs” in Chapter 9. Why have generic drug companies been so successful? What economic and/or political conditions would cause a generic drug maker to go out of business?
4. Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?
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