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Microeconomics, 15/e
Campbell R. McConnell, University of Nebraska, Emeritus
Stanley L. Brue, Pacific Lutheran University
Chapter 10 Pure Competition
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Web-Based Questions
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Web-Based Questions
- Web-Based Question: You are a pure competitor-what
was your revenue yesterday? Suppose
that youoperate a purely competitive firm that buys and sells foreign currencies.
Also suppose that yesterday your business activity consisted of buying 100,000
Swiss francs at the market exchange rate and selling them for a 3 percent
commission. Go to the Federal Reserve website at federalreserve.gov
and select, in order, Research and Data, Statistics, and Foreign Exchange
Rates. What was your total revenue in dollars yesterday (be sure to include
your commission)? Why would your profit for the day be considerably less than
this total revenue?
- Web-Based Question: Entry and exit of firms-where
have they occurred? Go to the Census Bureau website at www.census.gov
and select Economic Census, then Comparative Statistics, and then Manufacturing.
Identify three manufacturing industries that experienced large percentage
increases in the number of firms between 1992 and 1997. Identify three manufacturing
industries that experienced large percentage decreases. What single factor
is the most likely cause of the entry and exit differences between your two
groups? Explain.
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Interactive Graphs
Origin of the Idea
Analogies, Anecodotes, and Insights