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bird143150-300 words each
1) Do you think firms should earn an economic profit? Why or why not? Try to use an example.
2) Monopolists always charge the highest price possible and earn short run economic profits. Why is this? If you disagree explain.
3) The defining characteristic of oligopoly is that each firm is mutually interdependent. (Explain this and say something about the kinked demand curve.)
4) Profits are maximized at where MC = MR (explain and use an example)
5) A price-discriminating monopolist could earn more profit than a normal monopolist. (Explain why and how)
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