Econ Discussions

These discussions should be viewed as formal writing assignments in which you:
Recognize your audience
Write to a reader with no background in economics. All the definitions and details to fully understand your post should be included.
A friend or family member should be able to read your post and understand the ideas you have presented.
Make strong use of economic theory with well-developed examples.
Use correct grammar, good organization, and proofreading to carefully eliminate errors.
All posts should be organized into multiple paragraphs.
Address ALL parts of the prompt.
Write a reply that includes the required content and respectfully communicates with the original poster.
Discuss
Initial Post
Prompt
Part (1) Explain why each of the following examples is NOT a perfectly competitive industry. Label each part of your answer with 1a, 1b, and 1c.
a. One firm produces a large portion of the industry’s total output, but there are many firms in the industry, and their products are indistinguishable. Firms can easily exit and enter the industry.
b. There are many buyers and sellers in the industry. Consumers have equal information about the prices of firms’ products, which differ moderately in quality from firm to firm.
c. Many taxicabs compete in a city. The city’s government requires all taxis to provide identical service. Taxicabs are nearly identical, and all drivers must wear a designated uniform. The government also limits the number of taxicab companies that can operate in the city’s boundaries.
Part (2) Similar to the scenarios above in (1), write your own example. Your example should contain at least one violation of the characteristics of a perfectly competitive firm and some details that are consistent with perfect competition. You are providing a challenge to a fellow student who will analyze your example in their reply to identify why it does NOT meet all the requirements for perfect competition. It is almost as if you are trying to “trick” your classmate. Do not tell them what the violation of perfect competition is in your scenario. They must identify it.

DISCUSSION 2
Initial Post
Prompt
While international or national monopolies are rare, it is easier to identify local monopolies or near-monopolies, who may not have 100% market share but control a significant portion of the market. “Courts do not require a literal monopoly before applying rules for single firm conduct; that term is used as shorthand for a firm with significant and durable market power — that is, the long term ability to raise price or exclude competitors.” (https://www.ftc.gov/tips-advice/competition-guidance/guide-antitrust-laws/single-firm-conduct/monopolization-defined
(Links to an external site.)
)
Can you identify a monopoly or a near-monopoly?
Your post should explicitly define monopoly and make clear connections between your firm and the characteristics of a monopoly.
Describe the firm and provide at least 3 pieces of evidence that show the characteristics of monopoly. Label them 1, 2, and 3.
If you discuss barriers to entry (and you should), be sure to identify the specific barrier(s) in addition to explaining the general concept of barriers to entry. It is not sufficient to say that firms face barriers to entry (in general).
Please discuss an example from your personal experience, not an outside source.

DISCUSSION 3
Initial Post
Prompt
Select a firm that operates in a monopolistically competitive industry.
Your post should explicitly define monopolistic competition and make clear connections between your firm and the characteristics of monopolistic competition.
Describe the firm and provide at least 3 pieces of evidence that show the characteristics of monopolistic competition. Label them 1, 2, and 3.

Last Completed Projects