Alabama State University Market Structures and Business Cost Paper

Question Description

1 1200 words total. 3 APA cited references and reference list. No plagiarism!

In a narrative essay demonstrate your understanding of market structures and business costs by:

Identifying the two critical questions a firm must answer and identify the main economic objective of every firm.
Describing the characteristics of a perfectly competitive market as well as the economic efficiency that is attained in the long run.
Identifying a firm with monopoly power and explain the barriers to entry that help give that firm monopoly power.
Discussing the potential negative impact of the existence of a monopoly.
Identifying examples of price discrimination and the conditions necessary for its occurrence.
Completing the table below and answering the following questions.

How much output will the firm choose to produce?

Explain why the firm would choose this level of output.

(Show your step-by-step calculations either in the textbox or by uploading a picture to the Drop Box.)

Quantity	Price	Total Revenue	Total Cost	Profit	Marginal Revenue	Marginal Cost
0	$45		$50
1	$45		$90
2	$45		$120
3	$45		$140
4	$45		$170
5	$45		$210
6	$45		$260
7	$45		$330

2. 250 words total. 2 APA cited references and reference list. No plagiarism!

Please answer both questions and number your answers.

1. Many governments have laws that aim to prevent firms from becoming monopolies.

(a) What is a monopoly?

(b) Why, and how, do governments try to prevent firms from gaining monopoly power?

2. The Organization of Petroleum Exporting Countries (OPEC) is a cartel. Briefly explain what a cartel is and discuss whether cartels are desirable or not.

^{"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you "A" results."}