Discussion Topic 1 of 2Topic 1There are many dairy farmers in the world and also many Starbucks coffeehouses. Why does a Starbucks coffeehouse face a downward-sloping demand curve while a dairy farmer has a horizontal demand curve? What other suppliers might face a downward-sloping demand curve and what implications does this have for their advertising budget as compared to suppliers with horizontal demand curves?Discussion Topic 2 of 2Topic 2How do barriers to entry impact the level of competition in a market? What might happen to market price as greater barriers to entry come into existence? Not all barriers to entry are created through market conditions. Barriers to entry, such as patents, licenses, or international trade restrictions, may be government imposed. How do government-imposed barriers such as patents impact consumers and suppliers in these markets?Discussion Topic 1 of 2Topic 1Contrast the market demand/supply curves and the individual firmâs labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firmâs demand for labor?Discussion Topic 2 of 2Topic 2Your decision to pursue a higher-level degree is based on investment in human capital. What are the marginal costs and benefits of pursuing additional education and the inherent risks associated with this decision?
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