Discussion: Competition, Market Power, and You
Your participation in this discus
Discussion: Competition, Market Power, and You
Your participation in this discussion demonstrates the following learning objectives.
Explain how and why the study of economics concerns various decisions making processes which have consequences, costs, and benefits.
Apply economic reasoning for optimization in different economic circumstances: profit-maximization for entrepreneurs or utility-maximization for consumers.
Explain the production process and cost functions.
Compare and contrast pricing, output, and efficiency under different market conditions from competition through monopoly.
Discussion Prompt
Please create a discussion post responding in full to the prompt that follows.Discuss a real-world “natural monopoly” that you deal with. What is the natural monopoly firm and what product does it produce? Is this natural monopoly efficient, or does it cause losses to society? In your opinion, should this natural monopoly be allowed to exist?
Now discuss a real-world example of a firm that you think operates close to perfect competition. What is the firm and what product does it produce? Who are the main competitors? Can you think of a way this firm or industry benefits you as a consumer?
Then I will send you 2 classmate replies you to reply them back
Replies
Please reply to the posts of at least two classmates, including in each reply both a follow-up question and a point of connection with something your classmate stated in their post.