Week 3 Discussion

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National University College *

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ECO203

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Economics

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Jan 9, 2024

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Uploaded by DeanKangaroo14805

Topic One: The local campaign's concern about the potential impact on small independent retailers is valid. The arrival of a multinational retailer, particularly a large superstore, can indeed pose challenges to smaller businesses. The competition from a well-funded and established retail giant can make it difficult for independent retailers to compete on price, variety, and advertising. This can potentially lead to the closure of some local businesses, job losses, and changes in the character of the area. On the other hand, supporters of the plan argue that the ultimate decision should rest with consumers. If consumers prefer the convenience, affordability, and variety offered by the superstore, it suggests that there is a demand for such a retailer in the area. The presence of a large supermarket can bring benefits such as lower prices, a wider selection of products, and improved access to goods for the local community. Additionally, the superstore may generate employment opportunities, both during construction and in the long run. When making a decision, it is important to consider the potential economic and social impacts on the local community. This includes evaluating the potential benefits and drawbacks for small businesses, job creation, consumer choice, and the overall well-being of residents. With that being said, I am a firm believer in small business. I would make plans to support the already existing small businesses and any future upcoming ones as long as they were a profitable, responsible, and necessary contribution to the community. Topic Two: In the particular episode of Golden Balls being discussed, the Prisoner's Dilemma presented a challenging situation that was overcome through a combination of explicit collusion, effective communication, and strategic decision-making. The two contestants engaged in open discussions, delving into the intricacies of their gameplay strategy to ensure a favorable outcome for both parties involved. Notably, the larger contestant took on the role of a price leader, assuming control by openly revealing his planned move before any actions were taken. This act of transparency aimed to establish trust and influence the decision of the other contestant. Throughout their discussions, the contestants meticulously crafted a collusion strategy, carefully considering their options to maximize their chances of success. In the final moments of the game, both contestants aligned their actions with the prearranged collusion plan, or so the contestant on the left thought. The contestant on the right had fooled the left contestant into choosing split thinking the right contestant was going to steal and split after the show. Instead, the right contestant chose split, thereby securing the maximum prize for each of them. This remarkable resolution underscores the significance of effective communication, meticulous strategy development, and the power of collaboration in navigating the complexities of the Prisoner's Dilemma scenario. Topic Three: The classification of Google as a monopoly or a monopolistic competitive firm can be subject to debate and depends on the criteria and perspective used to evaluate the market structure. Google's market share in the search engine industry is indeed substantial, with estimates suggesting it holds around 90%

of the global market. Such dominance could be indicative of a monopoly. However, it's crucial to consider the broader context and dynamics of the industry. It is generally more accurate to consider Google as a monopolistic competitive firm rather than a pure monopoly. Here's why: 1. Google offers various services beyond search, including Gmail, Google Drive, Google Maps, and YouTube. These services have distinct features and cater to different user preferences. This product differentiation creates competition among similar firms within the broader realm of online services and digital platforms. 2. While Google is the market leader in search engines, users have the option to choose alternative search engines like Bing, Yahoo, or DuckDuckGo. Although these alternatives may have smaller market shares, they provide viable substitutes for users seeking search engine services. The availability of substitutes suggests a level of competition in the industry, differentiating it from a pure monopoly.

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