If a market has few barriers to entry and many firms, how might firms still have positive economic profit?

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Q1. If a market has few barriers to entry and many firms, how might firms still have positive economic profit?

 

Q2: Describe the difference between balanced oligopolies and unbalanced oligopolies. Explain the difference in competitor behaviors we might see in each market.

 

Q3: Describe what a dominant strategy in game theory means. Give an example. How is this different from a Nash equilibrium?

 

Q4: Explain the difference between the four market structures covered in the last three chapters. Which market structure do you believe you encounter in your daily life the most. This question will need answers in full detail.

Q1. If a market has few barriers to entry and many firms, how might firms still have positive economic profit?   Q2: Describe the difference between balanced oligopolies and unbalanced oligopolies. Explain the difference in competitor behaviors we might see in each market.   Q3: Describe what a dominant strategy in game theory means. Give an example. How is this different from a Nash equilibrium?   Q4: Explain the difference between the four market structures covered in the last three chapters. Which market structure do you believe you encounter in your daily life the most. This question will need answers in full detail.

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