A closed monopoly is pushed by other firms that wish to enter the market by earning...
A closed monopoly is pushed by other firms that wish to enter the market by
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earning normal profits |
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the development of substitute products and challenges to any legal barriers that limit competition. |
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the threat of closing down |
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the free market and other firms it its industry |
Homework Answers
New firms can push a monopoly by developing close substitutes of the product and challenging the legal barriers that limited competition.
Answer-Second option
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A closed monopoly is pushed by other firms that wish to enter
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earning...
1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes s...
1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes some market power. It can raise its price, within limits, without the quantity demanded falling to zero. The main way it retains its market power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry. Consider the market for computer technology. Patents are granted to inventors of a product or process for a certain number of...
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be su...
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be subject to regulation. b. barriers to entry will be strengthened. c. some firms will exit the market. d. new firms will enter the market. 17. As new firms enter a monopolistically competitive market, profits of existing firms a. rise, and product diversity in the market decreases. b. decline, and product diversity in the market increases. c. rise, and product diversity in the...
1. The general term for market structures that fall somewhere between monopoly and perfect competition is
1. The general term for market structures that fall somewhere between monopoly and perfect competition isa. incomplete markets.b. monopolistically competitive markets.c. imperfectly competitive markets.d. oligopoly markets.2. An oligopoly is a market in whicha. there are many price-taking firms, each offering a product similar or identical to the products offered by other firms in the market.b. there are only a few sellers, each offering a product similar or identical to the products offered by other firms in the market.c. the actions...
In a market operated by a cartel, if price is $30 which of the following must...
In a market operated by a cartel, if price is $30 which of the following must be true? Marginal revenue is 30 and marginal cost must be less than $30. Marginal revenue must be zero ATC must be under $30 Marginal Revenue and marginal cost must be under $30 Which of the following is the best example of oligopoly? paper towels Ogreen beans auto repair Apples If a oligpolist is experiencing profits in the short-run, then in the long-run Firms...
1. MR = MC=P holds for A. all firms B. monopoly C. monopolistic competition...
1. MR = MC=P holds for A. all firms B. monopoly C. monopolistic competition D. perfect competition 2. Consumer's surplus is A. demand price plus equilibrium price B. supply price above market price C. demand price plus supply price D. demand price less equilibrium price 3. In the short run, a monopolist may a. attract other firms into the industry b. upgrade technology c. incur loss d. charge the...
The Prisoner's Dilemma utilizes game theory to explain behavior of firms in: Markets characterized by natural...
The Prisoner's Dilemma utilizes game theory to explain behavior of firms in: Markets characterized by natural monopoly. Monopoly markets. Perfectly competitive markets. Monopolistically competitive markets. Oligopoly markets At 500 units of output, total costs = $50,000 and total variable cost = $5,000. What does average fixed costs (ATC) equal at 500 units? $45,000 $50. $100. $90. Statement 1: Marginal cost pricing occurs when the market price of a good is equal to the marginal cost of the last unit of...
L. Sources of monopoly power tive firm, has some market power. It can raise its price,...
L. Sources of monopoly power tive firm, has some market power. It can raise its price, within limits, without the quantity demanded falling to zero. ket power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry Complote the following table by indicating which barrier to entry appropriately explains why a monopoly exists in each scenario. Barriers to Entry Exclusive Ownership of a Key Resource Government Createcd Monopolies Scenario Economies of...
1. A cartel is a group of firms that attempts to a. maximize joint revenue. b....
1. A cartel is a group of firms that attempts to a. maximize joint revenue. b. increase competition. c. behave independently. d. maximize joint profit. 2. If a firm's product loses brand loyalty, then the demand curve will: a. Become less price elastic. b. Shift to the right. c. Become more price elastic. d. Shift to the left. 3. Assume a monopoly confronts the same costs and demand as a competitive industry. In this case, the monopolist produces: a. Less...
Which of the following options best describes market structures from the lowest to the highest degree...
Which of the following options best describes market structures from the lowest to the highest degree of market power? Perfect competition, monopolistic competition, oligopoly, monopoly Oligopoly, monopoly, monopolistic competition, perfect competition Monopoly, perfect competition, oligopoly, monopolistic competition Monopolistic competition, oligopoly, monopoly, perfect competition A cable company has determined that the marginal revenue from an additional subscriber is $15, and the marginal cost of providing cable services is $5. Based on this information, what should the company do? Increase the quantity...
1. In the short run, a monopolist may A. attract other firms into the industry B....
1. In the short run, a monopolist may A. attract other firms into the industry B. upgrade technology C. incur loss D. charge the lowest price possible to attract buyers 2. In both monopolistic competition and oligopoly market structures A. firms may enter and exit the industry easily B. consumers perceive differences among the products of various competitors C. economic profits may be earned in the short run and long run D. producers collude tacitly 3. In the short run,...
1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes some market power. It can raise its price, within limits, without the quantity demanded falling to zero. The main way it retains its market power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry. Consider the market for computer technology. Patents are granted to inventors of a product or process for a certain number of...
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be subject to regulation. b. barriers to entry will be strengthened. c. some firms will exit the market. d. new firms will enter the market. 17. As new firms enter a monopolistically competitive market, profits of existing firms a. rise, and product diversity in the market decreases. b. decline, and product diversity in the market increases. c. rise, and product diversity in the...
In a market operated by a cartel, if price is $30 which of the following must be true? Marginal revenue is 30 and marginal cost must be less than $30. Marginal revenue must be zero ATC must be under $30 Marginal Revenue and marginal cost must be under $30 Which of the following is the best example of oligopoly? paper towels Ogreen beans auto repair Apples If a oligpolist is experiencing profits in the short-run, then in the long-run Firms...
The Prisoner's Dilemma utilizes game theory to explain behavior of firms in: Markets characterized by natural monopoly. Monopoly markets. Perfectly competitive markets. Monopolistically competitive markets. Oligopoly markets At 500 units of output, total costs = $50,000 and total variable cost = $5,000. What does average fixed costs (ATC) equal at 500 units? $45,000 $50. $100. $90. Statement 1: Marginal cost pricing occurs when the market price of a good is equal to the marginal cost of the last unit of...
L. Sources of monopoly power tive firm, has some market power. It can raise its price, within limits, without the quantity demanded falling to zero. ket power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry Complote the following table by indicating which barrier to entry appropriately explains why a monopoly exists in each scenario. Barriers to Entry Exclusive Ownership of a Key Resource Government Createcd Monopolies Scenario Economies of...
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