(Answered) Microeconomics discussionthis week weve begun the study of

Economics

Microeconomics Discussion

This week we've begun the study of imperfectly competitive markets by looking at monopolies. In 75 - 150 words, please compare and contrast monopoly and perfect competition with specific regard to these points.

1. Ceteris paribus, how do their demand elasticities compare? Why?

2. If you ran a business, would you prefer to be a monopoly or a perfectly competitive firm? Why?

3. Finally, and only tangentially related, are monopolies guaranteed a profit? Why or why not?

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