Question 1: Among the four principal market structure models, monopoly and oligopoly offer the best opportunities for a firm to earn economic profits in the long run. What are some strategies for the firm which is earning economic profits to legally sustain them over time?
Question 2: In the purely competitive firm, producing a homogeneous product in a market with many sellers, are there any strategies to operate and earn economic profits in the long run? Are there agricultural firms (often cited as an example of pure competition) that earn economic profits? How can they do this?
Question 3: Innovation is often associated with the products the organization sells. However, innovation can be much more broadly interpreted in the organization. What other types of innovation could an organization employ to gain a competitive advantage and earn economic profits?