Microeconomics

Final Exam (ECON 101 Microeconomics)

You are asked to answer the following questions:

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Q1. Why firms in a perfectly competitive market produce at their efficient scales when they achieve their long run equilibrium?

Q2. When a country allows trade and becomes an exporter of a good, who will become better off and who will become worse off compared to the state without international trade, why? Please use the economic model to explain it.

Q3. Compare the differences and similarities among monopolistic competition and monopoly. (Notes: using the appropriate economic models is suggested; Features compared include the basic attributes of different firms, rule for maximizing profit, how firms achieve their maximum profits, the short-run and long-run equilibrium for these firms and their economic profit in the short run and in the long run.)

Requirements of format for above mentioned questions:
You answer for each question must:
Be between 400–500 words (Use Times New Roman 12pt.). Multiple forms of fonts will be subjected to scrutiny.
Provide three (3) references with links (excluding the text), which should be placed at the end of the essay.
Be your own wording
Be submitted no earlier than 48 hours before the deadline
Be independently researched
Be completely free of grammatical, punctuation and spelling errors.

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