Monopolies are characterized by which of the following? [Mark All That Apply] One Firm Many Firms...
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Monopolies are characterized by which of the following?
[Mark All That Apply]
One Firm
Many Firms
No Close Substitutes
Product Homogeneity
Homework Answers
Monopoly can best be described as one firm producing a unique product with no close substitutes and having a control over its market price.
So first and third option are correct
Add Answer to:
Monopolies are characterized by which of the following?
[Mark All That Apply]
One Firm
Many Firms...
Consider a perfectly competitive industry, which consists of many identical firms; all of them characterized by...
Consider a perfectly competitive industry, which consists of many identical firms; all of them characterized by the following long run average and marginal cost curves: LATC = 2400-30Q+0.3Q^2 and LMC = 2400-60Q+0.9Q^2 a. In the long run equilibrium, how much will each firm produce? b. What will be the long run equilibrium price? c. What is the profit of each individual firm in this case? Briefly explain why.
6. Consider a perfectly competitive industry, which consists of many identical firms -all of them characterized...
6. Consider a perfectly competitive industry, which consists of many identical firms -all of them characterized by the following long run average and marginal cost curves: LATC = 2400 – 300 + 0.32 and LMC = 2400 – 600 + 0.902. a. In the long run equilibrium, how much will each firm produce? b. What will be the long run equilibrium price? c. What is the profit of each individual firm in this case? Briefly explain why.
Natural monopolies exist when it is less expensive for one firm to produce all of an...
Natural monopolies exist when it is less expensive for one firm to produce all of an industry’s output than it is for multiple firms to each produce a share of that output. Despite this cost efficiency, natural monopolies still produce an inefficient level of output. Using graphical analysis to aid in your answer demonstrate why this inefficiency exists and explain why there is no regulative course of action that a government can take to eliminate the inefficiency.
Which of the following can create monopolies? Instructions: You may select more than one answer. Click...
Which of the following can create monopolies? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. ? Scarce resources ? Government intervention 7 Economies of scale ? Aggressive business tactics Governments create monopolies through intellectual property rights such as patents and copyrights because: Othey want firms to make profits. they do not understand the losses due to monopoly. they do not...
Which of the following statements about a monopoly firm are true? (Check all that apply.) 1)...
Which of the following statements about a monopoly firm are true? (Check all that apply.) 1) it always experiences economies of scale 2) it is always profitable in the short run 3) its long-run average total cost curve is always downward sloping 4) its marginal revenue is always below the price 5) it is the only seller of a good or service with no close substitutes available
Suppose that some firms in a perfectly competitive market are making positive economic profits. Which one...
Suppose that some firms in a perfectly competitive market are making positive economic profits. Which one of the following would not be expected to occur? a. All firms’ economic profits would eventually be driven to zero at equilibrium. b. The equilibrium quantity sold will fall. c. The equilibrium price will fall. d. The supply curve will shift to the right. e. More firms would enter the market. . Which one of the following is not characteristic of a pure monopoly?...
Which of the following are characteristics of a monopoly market? (Check all that apply.) P =...
Which of the following are characteristics of a monopoly market? (Check all that apply.) P = MR at all quantities Many firms in the industry Firms are price takers P > MR at all quantities MR = MC at the profit maximizing quantity Firms are price makers P = MC at the profit maximizing quantity One firm in the industry A few firms in the industry P > MC at the profit maximizing quantity
Which of the following are characteristics of an oligopoly market? (Check all that apply.) P =...
Which of the following are characteristics of an oligopoly market? (Check all that apply.) P = MC at the profit maximizing quantity P = MR at all quantities One firm in the industry | Firms are price takers A few firms in the industry MR = MC at the profit maximizing quantity Many firms in the industry Firms are price makers P> MC at the profit maximizing quantity OP > MR at all quantities
Which of the following are true about radiation of heat? Mark all that apply. The rate...
Which of the following are true about radiation of heat? Mark all that apply. The rate of energy transfer is proportional to the surface area of the object Radiation occurs when mass at one temperature transfers to a different location Radiation can transfer heat through empty space (vacuum) Radiation is a result of the collisions between molecules in two different objects at two different temperatures Which of the following characteristics describe good thermal conductors? Mark all that apply. High thermal...
Which of the following descriptions fit both monopolies and monopolistic competitors, and which descriptions only fit...
Which of the following descriptions fit both monopolies and monopolistic competitors, and which descriptions only fit one of these? Descriptions (6 items) (Drag and drop into the appropriate area below) has zero economic profit in the long run makes unique goods without close substitutes has high barriers to entry/exit does not produce at minimum average total cost in the long run charges a price above marginal cost of production Low barriers to entry lead to market entry when profits exist.
Consider a perfectly competitive industry, which consists of many identical firms; all of them characterized by the following long run average and marginal cost curves: LATC = 2400-30Q+0.3Q^2 and LMC = 2400-60Q+0.9Q^2 a. In the long run equilibrium, how much will each firm produce? b. What will be the long run equilibrium price? c. What is the profit of each individual firm in this case? Briefly explain why.
6. Consider a perfectly competitive industry, which consists of many identical firms -all of them characterized by the following long run average and marginal cost curves: LATC = 2400 – 300 + 0.32 and LMC = 2400 – 600 + 0.902. a. In the long run equilibrium, how much will each firm produce? b. What will be the long run equilibrium price? c. What is the profit of each individual firm in this case? Briefly explain why.
Which of the following can create monopolies? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. ? Scarce resources ? Government intervention 7 Economies of scale ? Aggressive business tactics Governments create monopolies through intellectual property rights such as patents and copyrights because: Othey want firms to make profits. they do not understand the losses due to monopoly. they do not...
Which of the following are characteristics of a monopoly market? (Check all that apply.) P = MR at all quantities Many firms in the industry Firms are price takers P > MR at all quantities MR = MC at the profit maximizing quantity Firms are price makers P = MC at the profit maximizing quantity One firm in the industry A few firms in the industry P > MC at the profit maximizing quantity
Which of the following are characteristics of an oligopoly market? (Check all that apply.) P = MC at the profit maximizing quantity P = MR at all quantities One firm in the industry | Firms are price takers A few firms in the industry MR = MC at the profit maximizing quantity Many firms in the industry Firms are price makers P> MC at the profit maximizing quantity OP > MR at all quantities
Which of the following are true about radiation of heat? Mark all that apply. The rate of energy transfer is proportional to the surface area of the object Radiation occurs when mass at one temperature transfers to a different location Radiation can transfer heat through empty space (vacuum) Radiation is a result of the collisions between molecules in two different objects at two different temperatures Which of the following characteristics describe good thermal conductors? Mark all that apply. High thermal...
Which of the following descriptions fit both monopolies and monopolistic competitors, and which descriptions only fit one of these? Descriptions (6 items) (Drag and drop into the appropriate area below) has zero economic profit in the long run makes unique goods without close substitutes has high barriers to entry/exit does not produce at minimum average total cost in the long run charges a price above marginal cost of production Low barriers to entry lead to market entry when profits exist.
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