Problem 1. Firms in Competitive Markets
The official "Incredible Edible Egg" Web Site: Go to: https://www.aeb.org/ (Retrieved May 17, 2010). This website is sponsored by the American Egg Board. Among other things, the site is clearly an advertisement for the egg industry. Have you ever seen or do you expect to see advertising for individual egg producers? What characteristics of the good make the market competitive?
Problem 2. Monopoly
Microsoft: Go to https://www.debeers.com/ (Retrieved May 17, 2010). Does a monopoly firm produce this product? What characteristics of the good make the market monopolistic? Explain.
Problem 3. Oligopoly
The OPEC Oil Cartel Go to www.opec.org (Retrieved May 17, 2010). What are the organization's stated goals, which countries are members, and when was it founded? Is it normal for them to be successful in keeping oil prices high, or have they faced difficulties in keeping the cartel united in the past?
The response addresses the queries posted in 1500 words with references.