ECONOMICS-2015: Daily Answer Writing Challenge – 18

ECONOMICS-2015: Daily Answer Writing Challenge – 18

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1. Show how price output decision is taken by duopolists taking into account, their mutual reaction. Under what condition will the duopolistic market be in equilibrium? (2012 – 12 marks)
2. “If firms produce differentiated products it is neither possible to identify the industry nor possible to draw its supply curve.” Discuss and show how Chamberlin handles the problem. (2012 – 12 marks)
3. Is rent, a surplus? Give reasons ill support of your assertion and point out the difference between ‘rent’ and ‘quasi-rent’. (2012 – 20 marks)