By Anonymous -
Possible Janus Questions for Econ test. You will be given five questions and you will write on four of them. 

How do you determine whether a firm is making a profit or a loss in a perfectly competitive market? What kinds of profits are available to such a firm in the short-run, in the long run? Why?

What is the key difference between a monopolist and a perfect competitor? How do you determine price and output for a monopolist?

Why does a monopolist create welfare loss? How can a monopolist avoid doing so? Explain.

Explain monopolistic competition. What are the competitive aspects of it? The monopolistic aspects?

What is the prisoners’ dilemma? How does it undercut Adam Smith?

What is the law of unintended consequences? Cite several examples.

Why is an oligopoly different from monopolistic competition?  Explain the difference between the cartel and  the contestable market models of monopoly.

 Explain the history of antitrust policy in the United States.

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