31 Jul Project description
Project description
Inappropriate levels of competition amongst both buyers and sellers -what is monopoly/competitionCan you now explore the whole monopoly/competition in much more detail
please by working through some of these questions?
1. What do we mean by competition? What is competitiveness? What’s the difference?
2. What are the different forms of competition? By this I mean what are the different methods firms use to compete? How do firms improve their competitiveness?
3. What are the possible benefits of competition?
4. What is the organisation currently responsible for monitoring competition in the UK? Do you think the changes will improve public policy?
https://www.gov.uk/government/organisations/competition-and-markets-authority
5. What are the definitions of monopoly for policy purposes? How useful are these?
6. What are the sources of monopoly power? In particular explain the concept of barriers to entry with examples and discuss the possible benefits of barriers to entry
both to consumers and the firms themselves
Under what circumstances might monopoly power be preferable to competitive forces? – discuss with examples please. Consider the role of monopoly profits as a means and
motive for innovation. Have look here at something called ‘creative destruction’ (Joseph Schumpeter) and report back
Have a look at the concept of contestability – what is it and how does it differ from competition? What are the conditions under which contestability emerges? What are
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