Examining all 4 market structures, which statement is true? An oligopoly firm will earn a normal...
Examining all 4 market structures, which statement is true? An oligopoly firm will earn a normal profit in the long run. A perfectly competitive firm is able to price discriminate. A monopolistic competitive firm may earn an above-normal profit in the long run. A monopoly firm is not guaranteed a profit.
which one is correct
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Examining all 4 market structures, which statement is true? An
oligopoly firm will earn a normal...
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) Which of the following market structures are found most often in an economy? Group of...
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Which of these statements regarding the differences between monopoly and a competitive market are true? Choose...
Which of these statements regarding the differences between monopoly and a competitive market are true? Choose one or more: A. There are more firms in a competitive market than in a monopoly. B. A monopolist can earn profits in the long run, but a firm in a perfectly competitive market cannot. C. A monopoly is a price maker, while a competitive firm is a price taker. D. A monopolist will produce less than the output produced in a perfectly competitive market.
10. Ford Motor Company falls into which market structure?
10. Ford Motor Company falls into which market structure? a. perfect competition b. monopolistic competition c. pure oligopoly d. differentiated oligopoly e. monopoly11. The existence of price discrimination in a market is evidence of which of the following? a. The market is NOT a perfectly competitive market. b. Firms in the industry will earn zero economic profit in the long-run. c. Most firms in the industry will go out of business soon. d. The government is over-regulating the market. 12. Compared to a firm in perfect competition, the monopolistically...
Please answer my questions: True or False and Explain 5)In a perfectly competitive market, if price...
Please answer my questions: True or False and Explain 5)In a perfectly competitive market, if price is above minimum average variable cost, then firms will enter until price is equal to minimum average variable cost. 6)A firm in a competitive industry is assumed to set their price to cover costs and a normal profit. 8)In a competitive market, a firm is said to shutdown when it is unable to pay its existing debts. 9)A monopolist can never earn excess profits...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm:...
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
4. For a monopoly firm, marginal revenue (MR) is price (greater/less) than 5. To maximize profits,...
4. For a monopoly firm, marginal revenue (MR) is price (greater/less) than 5. To maximize profits, a monopoly firm picks the quantity at which revenue average revenue) equals {marginal cost/average cost) (marginal (Game Theory/Consumer Theory) is a method for analyzing strategic behavior of oligopoly firms 7. The entry of the second firm under monopolistic competition structure of market shifts the demand curve of the first firm to the (right left). D Focus ch De 9 W 11. Firms in a...
QUESTION 1 Which of the following is always a characteristic of the oligopoly market structure? Many...
QUESTION 1 Which of the following is always a characteristic of the oligopoly market structure? Many sellers, each small in size relative to the overall market. Few sellers. All sellers produce identical products. Easy, low-cost entry and exit. QUESTION 2 The industry that most closely approximates the conditions of the oligopoly model is: Restaurant. Retail clothing. Airlines in the U.S. The local cable company. QUESTION 3 In which of the following market structures must the price and output decisions of...
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...
Which market structure can earn long-run economic profits? a. Perfect competition b. Monopolistic competition c. Oligopoly...
Which market structure can earn long-run economic profits? a. Perfect competition b. Monopolistic competition c. Oligopoly d. Monopoly e. c and d only All firms produce where a. marginal benefits are greater than marginal profits b. short-run profits are less than long-run profits c. marginal revenues are greater than or equal to marginal costs d. average total costs are greater than marginal costs A perfect competitor is a __________ and can earn economic profits ____________. a. price maker, in both...
Which of these statements regarding the differences between monopoly and a competitive market are true? Choose one or more: A. There are more firms in a competitive market than in a monopoly. B. A monopolist can earn profits in the long run, but a firm in a perfectly competitive market cannot. C. A monopoly is a price maker, while a competitive firm is a price taker. D. A monopolist will produce less than the output produced in a perfectly competitive market.
Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
4. For a monopoly firm, marginal revenue (MR) is price (greater/less) than 5. To maximize profits, a monopoly firm picks the quantity at which revenue average revenue) equals {marginal cost/average cost) (marginal (Game Theory/Consumer Theory) is a method for analyzing strategic behavior of oligopoly firms 7. The entry of the second firm under monopolistic competition structure of market shifts the demand curve of the first firm to the (right left). D Focus ch De 9 W 11. Firms in a...
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...
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