a. The most common reason that oligopolies exist is
diminishing marginal returns.
economies of scale.
regulation.
there are a large number of firms.
b. Which of the following are products or services of oligopolists that you regularly purchase or own?
Automobiles, personal computers, and gasoline
Clothing stores, office supplies, and personal computers
Refrigerators, bakery goods, and courier services
Ovens, refrigerators, and hair salon services
c. Oligopoly differs from monopolistic competition in that oligopoly
the firms have relatively easy entry.
has many firms, whereas monopolistic competition has few firms.
the firms are not mutually interdependent with regard to price.
has few firms, whereas monopolistic competition has more firms.
a. Economies of scale
b. Automobiles, personal computers, and gasoline
c. Has few firms, whereas monopolistic competition has more firms
b. Which of the following are products or services of oligopolists that you regularly purchase or own? O Ovens, refrigerators, and hair salon services O Automobiles, personal computers, and gasoline O Clothing stores, office supplies, and personal computers O Refrigerators, bakery goods, and courier services c. Oligopoly differs from monopolistic competition in that oligopoly O has many firms, whereas monopolistic competition has few firms. O has few firms, whereas monopolistic competition has more firms. O the firms are not mutually...
Answer the following questions. 1. Which of the following is a key difference between firms in a perfectly competitive industry and firms in a monopolistically competitive industry? (Choose only one) a) A monopolistically competitive firm does not face entry from other firms. b) A monopolistically competitive firm does not have the exact same product as other firms. c) A monopolistically competitive firm does not choose a level of output where marginal cost is equal to marginal revenue. d) A monopolistically...
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...
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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...
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CASE QUESTIONS AND DISCUSSION > Analyze and discuss the questions listed below in specific detail. A minimum of 4 pages is required; ensure that you answer all questions completely Case Questions Who are the main players (name and position)? What business (es) and industry or industries is the company in? What are the issues and problems facing the company? (Sort them by importance and urgency.) What are the characteristics of the environment in which...
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