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Author Question: What is the one thing that all firms in an imperfectly competitive market have in common? What ... (Read 78 times)

imanialler

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on: Jun 29, 2018
What is the one thing that all firms in an imperfectly competitive market have in common?
 
  What will be an ideal response?

Question 2

Explain how elections in countries with democratic political institutions can place controls on corruption.
 
  What will be an ideal response?


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uniquea123

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Reply #1 on: Jun 29, 2018
Answer to Question 1

All firms in an imperfectly competitive market exercise market power, which allows them to raise price without losing all demand for their product.

Answer to Question 2

Elections are a good way of disciplining politicians and restricting corruption because elections incentivize politicians by offering rewards and punishmentsreelecti on versus being voted out of office. Depending on the availability of undistorted information, voters can reward good behavior with reelection and punish bad behavior by switching their votes.
A-head: CONTROLLING POLITICIANS
Concept: Electoral controls on politicians


imanialler

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

mcarey591

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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