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Economics Lecture Twelve (view source)

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10.  Look at Figure C (right).  Assuming it represents the long run, describe what type of industry this is (e.g., monopoly, oligopoly, monopolistic competition, or perfect competition).  Explain your answer.
 
10.  Look at Figure C (right).  Assuming it represents the long run, describe what type of industry this is (e.g., monopoly, oligopoly, monopolistic competition, or perfect competition).  Explain your answer.
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11.  Explain why the production possibilities curve is concave (opening downward) rather than convex (opening upward) or a straight line.
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9. If our class is a monopsony with respect to hiring a dinner speaker for a special homeschool dinner we might hold, can we set the fee at whatever we like?  If not, why not?
 
9. If our class is a monopsony with respect to hiring a dinner speaker for a special homeschool dinner we might hold, can we set the fee at whatever we like?  If not, why not?
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