Topic: Market Structure
- Explain how firms set their price and output in response to the actions of their rival firms.
- Discuss the extent to which the survival of firms in the real world depends on the actions of their rival firms.
- Contrast the features of perfect competition with those of monopoly.
- Discuss the view that there should be more regulation of monopolies in an economy.
- Discuss the view that oligopoly is the most common market structure in Singapore.
- With the use of examples, differentiate between the key features of the economic models of monopolistic competition and monopoly.
- Discuss the view that more market power leads to the exploitation of consumers.
- Using appropriate diagrams, compare price determination in a perfect market with that of imperfect market.
- Why would a firm expand in size?
- Discuss whether the conduct of firms that operate in an imperfect market is necessarily harmful to society.
- To what extent is an oligopolistic market structure the most realistic model in explaining real world competitive behavior?
- Explain what is meant by monopolistic competition and why the majority of firms in Singapore are operating in such a market.
- Discuss whether the existence of many monopolistically competitive firms lead to inefficiency in the Singapore economy.
- Account for the different types of profits between a perfectly competitive firm and a monopoly in the long run.
- With the use of an example, explain the concept of price discrimination and the conditions under which it may occur.