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Economics Lecture Twelve (view source)

Revision as of 01:10, November 29, 2009

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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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11.  Explain why the production possibilities curve is convex (opening downward like the top of a circle) rather than concave (opening upward like the inside of a bowl) or a straight line.
     
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