econ101 exam 2 questions

This examination is take home and open book. The examination will cover selected sections of the textbook and assigned reading. Where essay/short answer questions are used, you are expected to provided in-depth responses to the questions. Proper citation of reference material is expected and required.

Question 1)

Evaluate the following statement using economic reasoning: “A monopolist can charge whatever she wants because she is the only source available.”

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Question 2)

Identify and describe a real world example of an oligopoly. What characteristics of this market fit the definition of an oligopoly? What role does advertising play in this market? Is this consistent with what you’ve learned about advertising and oligopoly in this course?

Maximum number of characters (including HTML tags added by text editor): 32,000

 
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