- Question 1: Sketch the following cost curves and discuss the reasons for the shapes of the curves
The Marginal Cost Curve
The Average Cost Curve
The Average Fixed Cost Curve
The Average Variable Cost Curve
.
Question 2
For both perfect competition and monopolistic competition discuss with the use of diagrams, how profits are determined in the short-run and the long run. Outline the reasons for these outcomes
Question 3
In what ways could a monopoly be (a) more efficient (b) less efficient than several firms competing against each other? Discuss this statement with the use of appropriate diagrams.
Question 4.
One of the defining charateristics of an oilgopoly is non-price competition. Why is the case and how is this related to game theory scenarios such as the Prisoner’s dilemma?
Question 5:
Outline a micro-economic reform issue that is relevant to the Australian economy i.e. why has there been reform in this industry or market?
How successful do you think these reform measures were and say why referring to some data or research that has been performed.
