Homework Answers
Monopolistic competition : There are many sellers , slight product differentiation among competitors , easy entry and exit in the market , above normal profits but only in short run , in long run all firms earn normal profits , information regarding price and product quality can be accessed at a very low cost . Let us take the example of restaurant industry . Each restaurant in a city sells almost same food but with slight differences in quality , cost , presentation , menu etc . There are many sellers and easy entry in the market . Restaurant industry has all the characteristics of monopolistic competition .
Oligopoly : Few sellers who have strong competition , product differentiation varies in different oligopolies , high entry and exit barriers due to many factors such as economies of scale , capital requirements etc , potential for economic profit both in short and long run , restricted access to information regarding price and product quality . Let us consider the example of pharmaceutical industry . It is difficult to enter due to high cost and investment in research and development , information is patented , very few pharmacies , strong competition among sellers .
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• What are the key differentiating characteristics of a market characterized by oligopoly versus monopolistic competition?...
Indicate the market structure (monopolistic competition, oligopoly, neither or both) as suggested by the characteristic in...
Indicate the market structure (monopolistic competition, oligopoly, neither or both) as suggested by the characteristic in the following statement: All firms can enter or exit the industry easily at any time. Question 29 Fill in the blanks: Indicate the market structure (monopolistic competition, oligopoly, neither statement: Economists often use game theory to analyze this type of mark Question 30 Fill in the blanks: Indicate the market structure - monopolistic competition, oligopoly, neither The firm may try to use advertising to...
Fill in the blank Columns: Four Market Models. Characteristics Pure Competition Pure Monopoly Monopolistic Competition Oligopoly Number...
Fill in the blank Columns: Four Market Models. Characteristics Pure Competition Pure Monopoly Monopolistic Competition Oligopoly Number of firms Type of product Control over price Conditions of entry Non price Competition Give Examples
signment 3 - F19 Remaining Time: 15:50:34 Indicate the market structure (monopolistic competition, oligopoly, neither or...
signment 3 - F19 Remaining Time: 15:50:34 Indicate the market structure (monopolistic competition, oligopoly, neither or both) as suggested by the characteristic in the following statement: The majority of output is controlled by companies that already exist in the industry. (Click for List) (Click for List) neither monopolistic competition nor oligopoly both monopolistic competition and oligopoly monopolistic competition oligopoly Quit & Save Back Question Menu - Next Submit Assignment 1:09 AM d ENG 2019-12-09 acer
Question 45 10 pts A. What are the key differences between Monopolistic Competition and Oligopoly? (5...
Question 45 10 pts A. What are the key differences between Monopolistic Competition and Oligopoly? (5 marks) B. What are the typical Efficiency Outcomes of an Oligopolistic industry? (5 marks)
Publix Supermarket would be considered what type of market structure? (monopolistic competition, oligopoly, or monopoly)
Publix Supermarket would be considered what type of market structure? (monopolistic competition, oligopoly, or monopoly)
Of the four market structures given below, which is the MOST competitive? Monopolistic competition. Oligopoly....
Of the four market structures given below, which is the MOST competitive? Monopolistic competition. Oligopoly. Monopoly. Perfect competition. A manufacturer produces 5,000 metal crates each month at a cost of $50,000. However, the production of these crates leads to pollution in the surrounding community. As a result of the pollution, residents in the community have higher health care costs (equal to $20,000 each month) and must repeatedly clean their cars and homes (at a cost equal to $10,000 each month)....
Select a firm in an industry that operates in a monopolistic competition market structure. Some questions...
Select a firm in an industry that operates in a monopolistic competition market structure. Some questions to ponder as you write this area of the assignment are: -What are the basic assumptions of a monopolistic competitor? Explain in your own words what the assumptions imply for the firm that you have chosen. -How do the assumptions you've identified above affect the price a monopolistic competitor charges for their product/service? -What is differentiation for the monopolistic competitor you've chosen?
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive efficiency will occur in both the short run and long run, a desirable economic property of markets. b. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. c. the demand curve for each firm is not going to be purely elastic, because products are at least...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive...
13. What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? a. productive efficiency will occur in both the short run and long run, a desirable economic property of markets. b. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. c. the demand curve for each firm is not going to be purely elastic, because products are at least...
long run 39) What does monopolistic competition have in common with -) barriers to exit but...
long run 39) What does monopolistic competition have in common with -) barriers to exit but no barriers to entry le proft in the A) a large number of fims B) a downward-sloping demand curve C) the ability to collude with respect to price D) mutual interdependence E) barriers to entry 40) An example of a fim in monopolistic competition is A) your local water company B) the sole cable television company C) the many Chinese restaurants in San Francisco...
Indicate the market structure (monopolistic competition, oligopoly, neither or both) as suggested by the characteristic in the following statement: All firms can enter or exit the industry easily at any time. Question 29 Fill in the blanks: Indicate the market structure (monopolistic competition, oligopoly, neither statement: Economists often use game theory to analyze this type of mark Question 30 Fill in the blanks: Indicate the market structure - monopolistic competition, oligopoly, neither The firm may try to use advertising to...
signment 3 - F19 Remaining Time: 15:50:34 Indicate the market structure (monopolistic competition, oligopoly, neither or both) as suggested by the characteristic in the following statement: The majority of output is controlled by companies that already exist in the industry. (Click for List) (Click for List) neither monopolistic competition nor oligopoly both monopolistic competition and oligopoly monopolistic competition oligopoly Quit & Save Back Question Menu - Next Submit Assignment 1:09 AM d ENG 2019-12-09 acer
Question 45 10 pts A. What are the key differences between Monopolistic Competition and Oligopoly? (5 marks) B. What are the typical Efficiency Outcomes of an Oligopolistic industry? (5 marks)
Of the four market structures given below, which is the MOST competitive? Monopolistic competition. Oligopoly. Monopoly. Perfect competition. A manufacturer produces 5,000 metal crates each month at a cost of $50,000. However, the production of these crates leads to pollution in the surrounding community. As a result of the pollution, residents in the community have higher health care costs (equal to $20,000 each month) and must repeatedly clean their cars and homes (at a cost equal to $10,000 each month)....
Select a firm in an industry that operates in a monopolistic competition market structure. Some questions to ponder as you write this area of the assignment are: -What are the basic assumptions of a monopolistic competitor? Explain in your own words what the assumptions imply for the firm that you have chosen. -How do the assumptions you've identified above affect the price a monopolistic competitor charges for their product/service? -What is differentiation for the monopolistic competitor you've chosen?
long run 39) What does monopolistic competition have in common with -) barriers to exit but no barriers to entry le proft in the A) a large number of fims B) a downward-sloping demand curve C) the ability to collude with respect to price D) mutual interdependence E) barriers to entry 40) An example of a fim in monopolistic competition is A) your local water company B) the sole cable television company C) the many Chinese restaurants in San Francisco...
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