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MICRO ECONOMICS

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Review the following information pertaining to the potato chip industry and answer the questions below in a five to six double spaced page paper (not including title and reference pages). In 2007, the potato chip industry in the Northwest was competitively structured and in long-run competitive equilibrium; firms were earning a normal rate of return and were competing in a monopolistically competitive market structure. In 2008, two smart lawyers quietly bought up all the firms and began operations as a monopoly called “Wonks.” To operate efficiently, Wonks hired a management consulting firm, which estimated a different long-run competitive equilibrium. Given that the new company is now run as a monopoly, how will this benefit the stakeholders involved, such as the government, businesses, and consumers? Given the transition from a monopolistically competitive firm to a monopoly, what will be the changes with regard to prices and output in both of these market structures? What market structure is more beneficial for Wonks to operate in, and will this be the same market structure that will benefit consumers? Be sure to explain the reasoning behind each of your answers. Writing the Final Paper The Final Paper: Must be five to six double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center. Must include a title page with the following:• Title of paper• Student’s name• Course name and number• Instructor’s name• Date submitted Must begin with an introductory paragraph that has a succinct thesis statement. Must address the topic of the paper with critical thought. Must end with a conclusion that reaffirms your thesis. Must use at least four scholarly sources, including a minimum of two from the Ashford Online Library. Must document all sources in APA style, as outlined in the Ashford Writing Center. Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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