hightechhippie
New member
- Joined
- Nov 4, 2010
- Messages
- 5
looking for help long term profits, The Prisoners’ Dilemma
Hello Free math help users,
I have some practice questions for a Econ class I am taking and I am looking for some others thoughts about what sounds like good solutions to the following questions. Any input and feedback would be greatly appreciated. Here are my problems:
(1) Assume that firms in the short-run are earning above-normal profits. Explain what will happen to these profits in the long-run for the following markets:
(i) Pure monopoly
(ii) Oligopoly
(iii) Monopolistic competition
(iv) Perfect competition
(2) The game called “Prisoners’ Dilemma” could be used to show how two competing firms might establish their prices (see pages 233 – 234 of the textbook as well as the supplementary material for this week):
(i) What other variables besides price might be considered in this particular type of analysis
(ii) What could be a limitation to using this analysis in actual business situations
Hello Free math help users,
I have some practice questions for a Econ class I am taking and I am looking for some others thoughts about what sounds like good solutions to the following questions. Any input and feedback would be greatly appreciated. Here are my problems:
(1) Assume that firms in the short-run are earning above-normal profits. Explain what will happen to these profits in the long-run for the following markets:
(i) Pure monopoly
(ii) Oligopoly
(iii) Monopolistic competition
(iv) Perfect competition
(2) The game called “Prisoners’ Dilemma” could be used to show how two competing firms might establish their prices (see pages 233 – 234 of the textbook as well as the supplementary material for this week):
(i) What other variables besides price might be considered in this particular type of analysis
(ii) What could be a limitation to using this analysis in actual business situations