Should firms in perfectly competitive markets advertise? Why or why not?

The Kraft-Heinz merger & the monopoly on food

http://www.upi.com/Top_News/Analysis/2015/03/26/The-Kraft-Heinz-merger-the-monopoly-on-food/4591427324041/

by By Frank J. Maduri – March 26, 2015

If this link does not work, your instructor can provide a pdf. file with this article.

2) Crovitz: TV’s Unnatural Monopolies.

If this link does not work, your instructor can provide a pdf. file with this article.

http://online.wsj.com/article/SB10001424127887324139404579016850166003972.html

3) Is Google a Monopoly? Wrong Question

If this link does not work, your instructor can provide a pdf. file with this article.

http://www.bloomberg.com/news/2012-07-08/is-google-a-monopoly-wrong-question.html

4) Drug Patents and Generics

If this link does not work, your instructor can provide a pdf. file with this article.

http://www.news-medical.net/health/Drug-Patents-and-Generics.aspx

You are expected to make your own contribution in a main topic as well as respond with value-added comments to at least two of your classmates. You are encouraged to respond to other students as well as to your instructor.

Answer all THREE questions below using economic concepts to validate your explanations. One paragraph for each question.

Q1. Should firms in perfectly competitive markets advertise? Why or why not?

Q2. Respond to the allegation that if all firms in an industry are charging the same price, this indicates the absence of competition and the presence of some form of price-setting agreement.

Q3. Compare the four market models (perfect competition, monopoly, oligopoly, and monopolistic competition) on the probability of each to earn economic profits in the long-run and their social desirability.

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