Please answer all 3 questions using APA 6th Edition format style, site any paraphrasing or quotes...

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Please answer all 3 questions using APA 6th Edition format style, site any paraphrasing or quotes that are used in the answer and list source references under each answer as according to the APA 6th edition formatting guidelines.1. Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.2. Discuss how an imperfectly competitive firm resorts to price discrimination to maximize its profits.3. One of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Do you believe that is a valid critcism? Discuss with appropriate examples.
	
Document Preview: Please answer all 3 questions using APA 6th Edition format style, site any paraphrasing or quotes that are used in the answer and list source references under each answer as according to the APA 6th edition formatting guidelines.1. Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.2. Discuss how an imperfectly competitive firm resorts to price discrimination to maximize its profits.3. One of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Do you believe that is a valid critcism? Discuss with appropriate examples.

Robert · Accepted Answer

Please answer all 3 questions using APA 6th Edition format style, site any paraphrasing or quotes that are used in the answer and list source references under each answer as according to the APA 6th edition formatting guidelines.
1. Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.
 ‘Although unrealistic, it is still a useful model in two respects. Firstly, many primary and commodity markets, such as coffee and tea, exhibit many of the characteristics of perfect competition, such as the number of individual producers that exist, and their inability to influence market price. Secondly, for other markets in manufacturing and services, the model is a useful yardstick by which economists and regulators can evaluate levels of competition that exist in real markets.’
The role of this model is to act as a benchmark for all other possible forms of market structures. This represents an ideal kind of world where efficiency is maximized, along with maximum possible benefit to producers and consumers alike. It also illustrates the importance of normal profits in a world where each firm is selfishly in pursuit of abnormal profits. The role of an adequate return to the owner as part of normal profits  is of critical importance today. It teaches us the vast opportunities that a free market can offer to producers and consumers in an ideal setting.

Please answer all 3 questions using APA 6th Edition format style, site any paraphrasing or quotes that are used in the answer and list source references under each answer as according to the APA 6th...

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