Exploratory Essay: a local, state or national problem or issue of current public controversy from a variety of perspectives, assessing the strengths and weaknesses of different positions and points of view.
January 1, 2018
What are the three types of cause and effect analysis?
January 1, 2018

Explain pure competition and the competitive firm.

Monopoly. Microeconomy class.

Complete the following:

Based upon this week’s readings, analyze an article published within 60 days prior to the term that deals with a monopoly—closed, open, or natural.
Analyze the factors driving change in the industry. Are there potential changes due to globalization or technology that might alter this firm’s position as a monopolist? What are they? Why would they alter the firm’s position as a monopolist?
Requirements:

Your paper should be at least 3 pages in length and must conform to the APA format. Include a supply-demand graph relevant to a monopoly. Please note, that you need to create the graph and not copy it from any source. Any copied and pasted graphs will not earn any points.
Incorporate at least 4 scholarly references that are not required readings for this module.
Required

Chapters 9 & 10 in Introduction to Microeconomics
Chapters 16 & 19 in The Economics of Public Issues
Recommended

Bennett, D. L. (2014). Myth-busting: The laissez-faire origins of American higher education. The Independent Review, 18(4), 503-525.
Coase, R.H. (1937). The nature of the firm. Economica, New Series, 4(16), 386-405.
Hoffer, A. J., Shughart, William II, F., & Thomas, M. D. (2014). Sin taxes and sin industry: Revenue, paternalism, and political interest. The Independent Review, 19(1), 47-64.
Horowitz, I., & Lackritz, J. (2012). Jolting Joe and Charlie Hustle: The immediate economic impact of an extended hitting streak. American Economist, 57(1), 42-49
Learning Outcomes

Explain pure competition and the competitive firm.
Determine profit maximization in the short run and the importance of entry and exit for long-run equilibrium.
Summarize the three types of monopolies and analyze how each can determine price in the short and long run.
Compare monopoly to competition

 

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