Prompt:

Select a firm that you have interacted with. Based on what you know about that firm’s market, is it closer to Perfect Competition or Monopoly? Explain.
Why are generic pharmaceuticals significantly cheaper than name-brand ones?
Intellectual property laws are intended to promote innovation. However, some economists argue against them. Make an economic case for, or against, a government granting intellectual property rights to innovative new ideas or products.

Post 1:A firm I interact with is doll sellers on mercari. They’re in perfect competition with each other where each doll seller is attempting to find the price to make a profit on the doll they’ve purchased, and are trying to resell the price of shipping, while still offering a competitive price on the doll that they are selling against other sellers. A local Monopoly interact with is Georgia Power. You move to the area and you set up an account and that’s it it would not make Financial sense for there to be two or three sets of infrastructure around an electrical company. Partially because the Innovation around what is offered by a an electrical company is minimal as compared to breaking up the Monopoly of the AT