Homework Answers
Ans: In monopolistic market structure , individual firms advertise regularly.
| Likely | Unlikely |
| Monopolistic Competition | Monopoly and Competitive |
Explanation:
Under monopolistic competition , there are large number of firms producing differentiated product which have close substitutes. There is more competition among the firms. So the firms regularly advertise about their product in order to sale more. But advertisement is not required under monopoly and competitive market structure.
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In which market type(s) are individual firms likely to advertise regularly?
Help with #2 please. 2. Which explains why individual firms under pure competition would not find...
Help with #2 please.
2. Which explains why individual firms under pure competition would not find it beneficial to advertise their product? A. Firms produce a standardized/homogeneous product. B. The quantity of the product demanded is very large. C. The market demand curve cannot be increased. D. Firms do not make long-run profits.
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...
Suppose firms in an oligopoly decide to form a cartel. Which market type will they try...
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Firm a0 Advertiso (A) Do Not Advertise (DNA $3.150 S4,200 Advertise (A) 100 Firm () $2.100 $3,650 Do Not Advertise (DNA) 3,650 Figure 1: Consider the game where two firms, X and Y, are producing under a "duopoly" market (a two-firm oligopoly market). Each firm has two options (strategies), either to spend money on an advertisement (Strategy A), or not (Strategy DNA). The expected payoffs in term of dollar profits are shown in Figure 1. a. Does firm X have...
Will thumbs up your answer! Suppose there are two firms competing in the market for dentures....
Will thumbs up your answer!
Suppose there are two firms competing in the market for
dentures. Each firm has to decide whether or not to advertise their
product. The first firm, Chewy Chew, has been in the market for
some time and has name recognition, while the second firm, Bitey
Bite, is newer and has less name recognition. In general, firms
make more money if they both don’t advertise because the cost of
advertising is high. However, if one company...
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Help with #2 please.
2. Which explains why individual firms under pure competition would not find it beneficial to advertise their product? A. Firms produce a standardized/homogeneous product. B. The quantity of the product demanded is very large. C. The market demand curve cannot be increased. D. Firms do not make long-run profits.
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...
Suppose firms in an oligopoly decide to form a cartel. Which market type will they try to follow in terms of setting the market price and quantity?
Classify the following firms by the type of industry they are most likely to belong to: monopolistic competition, monopoly, or a competitive market.
Part 1
A farmer who grows alfalfa sprouts.
Part 2
The company that provides cable service to your community.
Part 3
A fast-food outlet such as Papa John's. competitive
Firm a0 Advertiso (A) Do Not Advertise (DNA $3.150 S4,200 Advertise (A) 100 Firm () $2.100 $3,650 Do Not Advertise (DNA) 3,650 Figure 1: Consider the game where two firms, X and Y, are producing under a "duopoly" market (a two-firm oligopoly market). Each firm has two options (strategies), either to spend money on an advertisement (Strategy A), or not (Strategy DNA). The expected payoffs in term of dollar profits are shown in Figure 1. a. Does firm X have...
Will thumbs up your answer!
Suppose there are two firms competing in the market for
dentures. Each firm has to decide whether or not to advertise their
product. The first firm, Chewy Chew, has been in the market for
some time and has name recognition, while the second firm, Bitey
Bite, is newer and has less name recognition. In general, firms
make more money if they both don’t advertise because the cost of
advertising is high. However, if one company...
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