Nash equilibrium
Not what you're looking for?
1. (a) A monopolist uses price discrimination to increase their profits. Where does this profit come from? Use a graph to explain your answer.
(b) How is monopolistically competitive firm different from a perfectly competitive firm in the long-run? Graph this.
(c) What characteristic of monopolistic competition drives this result?
2. What does it mean to be a Nash equilibrium?
3. What characteristic of market structure allows for long-run profits? Explain.
4. All else equal, what effect would the recent increasing gas price have on our economy? Graph this.
5. Omitted
(Questions are also included in attachment. Do not answer Question #5)
Purchase this Solution
Purchase this Solution
Free BrainMass Quizzes
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.