Question

13) Home brewers of beer in Bangor must buy their ingredients and equipment from either Central Street Farmhouse downtown or the Natural Living Center. What market structure exists in the local home brew supply market? oligopoly monopolistic competition o perfect competition 14) Advertising and product differentiation are most important to businesses in what market structure? (5pt monopolistic competition pure monopoly perfect competition

Answer 1

13 The correct answer is Oligopoly

Because in oligopoly form of Market the number of firms are two or more in the market.

14 The correct answer is monopolistic competition.

Because Monopolist competition refers to a market situation in which there are large number of firm which sell closely related but differetiated products.

15. The correct answer is Oligopoly

In Oligopoly market the cartel tend to arise in the market, because there few firm and each firm has significant share of the market.

16. The correct answer is organized during the progressive era( late1800 and early 1900) in response to earlier industrialist market dominance.

17 the correct answer is public interest theory.

Because public interest theory is a part of welfare economics and emphasis that regulation should maximize social welfare