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1、69Acemoglu,Laibson,andList
2、MicroeconomicsChapter6SellersandIncentivesQuestions1.Supposeonefirmaccountsfor55percentoftheglobalmarketshareforaproduct,while147otherfirmsaccountfortheremaining45percentofthemarket.Withsuchalargenumberofbuyersandsellers,isthismarketlike
3、lytobecompetitive?Explainyouranswer.Answer:Alargenumberofbuyersandsellersensurethatthemarketiscompetitiveonlyifasinglefirm’schoiceofhowmuchtoproducedoesnotaffectmarketoutcomes.However,inthiscase,ifthefirmthatproduces55percentoftheoutputinthemarketdecidestoreducepr
4、oduction,thisislikelytosignificantlyaffectthemarketpriceoftheproduct.So,alargenumberofsellersinamarketdoesnotautomaticallyensurethatitiscompetitive;itistheshareofoutputthateachfirmproducesthatmatters.2.Doyouthinksellersinaperfectlycompetitivemarketcanpricetheirgoo
5、dsdifferently?Explainyouranswer.Answer:Oneoftheassumptionsofperfectcompetitionisthatallsellerssellidenticalgoods.Thisimpliesthatsellerswhoincreasethepriceoftheirproductswilllosemarketshareandgooutofbusinessbecauseconsumerswillshifttoothersellerswhoareofferingthesa
6、megoods.Besides,asellerinaperfectlycompetitivemarketcansellanyamountofthegoodatthegivenmarketprice.Hence,theyactuallydonothaveanyincentivetodeviate(increaseordecrease)fromthemarketprice.Thus,allsellersinaperfectlycompetitivemarketarepricetakers.3.Howdoesthemargina
7、lproductchangeasafirmincreasesthenumberofworkersemployed?Explainyouranswer.Answer:Accordingtothelawofdiminishingreturns,atacertainpointofsuccessiveincreasesininputs,marginalproductbeginstodecrease.Withafixedamountofphysicalcapital,successiveincreasesinthenumberofw
8、orkerseventuallyleadtolowermarginalproduct,orchangeintotaloutputperadditionalworker.©2015PearsonEducation,Inc.69Acemoglu,Laibson,andList
9、Microeconomics1.Useagraphtoshowtherelationshipbetweenthemarginalcostcurveandtheaveragetotalcostcurveforacompetitivefirm.Whatcan
10、youconcludeaboutaveragetotalcostwhenmarginalcostislessthanaveragetotalcost?Answer:Thefollowinggraphshowsthemarginalcostcurveandtheaveragetotalcostcurvef
