5 really simple mircro econ questions

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5 really simple mircro econ questions

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Assessed Coursework 04 of 04
Due Lesson 1, Week 6
Question 01 – Draw a diagram of a perfectly competitive market where firms are experiencing long run
equilibrium conditions. Indicate why the market is allocatively efficient, and operating at the minimum efficient
scale.
Question 02 – Re-draw your diagram from above and show what would happen if there was a decrease in
demand in the short run.
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Question 03 – Draw a diagram of a monopoly that is making losses and has decided to shut down.
Question 04 – Explain why the monopoly above has decided to shut down in the short run.
Question 05 – Explain the role that barriers to entry plays in creating a different outcome for a monopoly
compared to perfect competition.

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