1.Assume firms in the short run are earning above-normal profits. Explain what will happen to these profits in the long run for the following markets:
a. Pure monopoly
b. Oligopoly
c. Monopolistic competition
d. Perfect competition
2.Telephone companies charge different rates for calls during the day, in the evening, and at night or weekends. Do you consider this to be price discrimination?
3.Airline ticket prices may differ with respect to when the ticket is bought, how long a passenger remains on the trip (e.g., over a weekend) and other variables. Are these differences a case of price discrimination?
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