Economics
Regional Economics Mid Term Exam Questions

Question Description

I’m stuck on a Economics question and need an explanation.

A.1.Perfect competition

A.2.Monopoly

A.3.Monopolistic competition

A.4.NAICS Code

A.5.Location Quotients

A.6.An inverse matrix

A.7.Price discrimination

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Outline of the Paper

The paper has been done by answering all the questions accordingly

(You can remove Parts A6, A7 and C2, I’ve done them as bonus)


Running head: REGIONAL ECONOMICS MID-TERM EXAM

Regional Economics Mid-Term Exam
Name
Institution

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REGIONAL ECONOMICS MID-TERM EXAM

2

Regional Economics Mid-Term Exam
PART A
A.1.
Perfect competition is a market situation when customers for a particular commodity are many
and are confident that the price of that commodity is beyond the control of sellers. A good
example is a foreign exchange market where all the currencies are homogeneous.
A.2.
A monopoly is a case where one particular firm is the only seller of a product, and there are no
options for that specific commodity. An example is natural gas supplying agencies.
A.3.
Monopolistic competition is a scenario whereby numerous businesses can avail the same product
or service to customers but in different forms with no substitutes by other suppliers. There are
minimal chances of exciting this form of competition. The decisions by other competitors have
little or no effect on other counterparts. Restaurants and pubs are good examples in this case.
A.4.
The North American Industry Classification System (NAICS) is a six-digit unique coding system
given to industries as identities. ...

Paulidavo (12331)
UCLA

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