ECN 490 SEU Principles of Macroeconomics Questions Ecn490 assignment kindly answer all questions directly on the same file……… ECN490: MicroEconomics

ECN 490 SEU Principles of Macroeconomics Questions Ecn490 assignment kindly answer all questions directly on the same file……… ECN490: MicroEconomics
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CRITICAL THINKING-IV
Summer Term 2019-2020
Name of the Student: ______________________________________
Student ID: _______________________CRN:
Marks obtained: ____/20
Instructor’s Name:
Regulations:
✓ This assignment is an individual assignment to be submitted in a word file.
✓ Students are encouraged to use their own words.
✓ Students must follow Saudi Electronic University academic writing standards and APA
style guidelines.
✓ Support your submission with course material concepts, principles, and theories from the
textbook, along with at least two scholarly, peer-reviewed journal articles.
✓ A mark of zero is awarded for any submission that includes copying from other resources
without proper referencing it.
✓ Write at least 4-5 pages in length, excluding the title page and required reference
page, which is never a part of the minimum content requirements.
✓ It is strongly encouraged that the student submits his/her assignment into the Safe
Assignment Originality Check before sending it to your instructor for grading.
An Overview of Assignment submission time & grades:
Type of Assignment
Posting date
Due date
Marks
Critical Thinking
05.07.2020
18.07.2020
20
Grace
period*
No grace
period
* Grace Period: with an accepted excuse (accepted by the instructor) with deduction of 10% for
late submission
Q1. Firms in oligopoly must constantly think in terms of how other firms in the industry will
react to whatever they do. Why do they have to do this? Why is it that firms in perfect
competition and in monopoly don’t have to worry about how other firms will react? (5 Marks)
Q2. Governments are frequently tempted to introduce price ceilings in markets. Use an example
to explain why this is not such a good idea, at least when markets are competitive. Give some
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ideas as to what the government could do instead in order to help consumers in these markets. (5
Marks)
Q3. If perfectly competitive firms are price takers, and monopolistic, monopolistic competitive,
and oligopolistic firms are price searchers, then it follows that three times as many firms in the
real world are price searchers than are price takers. Do you agree or disagree? Explain your
answer. (5 Marks)
Q4. Critically analyze the following statement with views of your own:
“There is no substitute for an airline pilot: Someone has to fly the plane. Therefore, an increase
in the wage of airline pilots will not change the number of pilots used by the airlines.”(5 Marks)
Note: For all your answers support your views/opinions with at least two to three scholarly
references, and a word count of 400-500 words for each answer.
Learning Resource: Chapters 7, 8 & 10 of the Text Book O’Sullivan, A., Sheffrin, S. M., &
Perez, S.J. (2014).Survey of Economics: Principles, Applications, and Tools. (6th).Upper Saddle
River, NJ: Pearson Education. Print version: ISBN-10: 0-13-294885-0 or ISBN-13: 978-0-13294885-2.Digital version: ISBN-13:978-0-13-13-9370-7.
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