Answer all the given questions in a full and complete manner, providing examples as necessary to fully articulate your view.
Problem 1) If the perfect competitor is losing money in the short run, what happens in the market to drive up the price?
Problem 2) How does the demand curve faced by the monopolist differ from that conforting the perfect competitor? Why do they differ?
Problem 3) In what respects does a monopolistic competitor differ from a perfect competitor? Give examples.
Problem 4) Describe ways in which a firm can differentiate its products from those of its competitors? Give examples.
Problem 5) The American automobile industry has been an archetypical oligopoly. Show why this statement is true.
Problem 6) Explain the cutthroat competitors reasons for not raising or lowering his price, thereby accounting for the kink in his demand curve.
Problem 7) What are the basic provisions of a collective bargaining agreement? Explain the differences between meditation and arbitration.
Problem 8) Who are the poor in the United States? Why is a single theory inadequate in explaining why we have poverty in the U.S?