Since almost every business (other than perfect competitor) has the ability to set its own price,...
Homework Answers
Monopolist market is characterized by single sellers, but here all firms who are deciding their own price can not be monopoly firms. There are close substitutes producing firms. These firms have sufficient power to decide the price level for their products. Thus, there is some leeway to decide the level of price for these firms. But these firms are not completely monopolist. These firms are called monopolistic firms or monopolistically competitive in the market.
Thus, we can not conclude that all businesses are monopolists.
Add Answer to:
Since almost every business (other than perfect competitor) has the
ability to set its own price,...
A small town has only one pizzeria, the Pizza Factory. A small competitor, Perfect Pies, is...
A small town has only one pizzeria, the Pizza Factory. A small competitor, Perfect Pies, is thinking about entering the market. The profits of these two firms depend on whether Perfect Pies enters the market and whether the Pizza Factory-as a price leader-decides to set a high price or a low price. Use the payoff matrix below to answer the questions that follow. Perfect Pies Enter Stay out Perfect Pies makes Perfect Pies makes $10,000 High price The Pizza Factory...
We Act * " E 2119 AaBbcc AaBb De AaBbc AaBbcc AaB AaBbce. 1 No Spact...
We Act * " E 2119 AaBbcc AaBb De AaBbc AaBbcc AaB AaBbce. 1 No Spact Heading1 Heading 2 Title Subtitle Normal Paragraph Styles Several states have set the minimum wage in their states higher than the federal minimum wage. If doing so places them at a competitive disadvantage for new business this might be counterproductive. On the other hand, the minimum wage is typically relevant only in low-paid service jobs. Who makes the minimum wage in your community? b....
1) The "Profit-Max/Loss-Min/Shutdown Rule" applies to: Group of answer choices Pure Monopoly only Perfect Competition only...
1) The "Profit-Max/Loss-Min/Shutdown Rule" applies to: Group of answer choices Pure Monopoly only Perfect Competition only Most market structures All market structures 3) A firm in a monopoly market structure always operates at an economic profit. Group of answer choices True False 4) Comparing monopoly and competitive market structures, "Deadweight Loss" refers to: Group of answer choices Underground markets developing to supply the monopoly good. Shortages caused by high monopoly pricing. The production gap resulting from under-allocation of resources. Surpluses...
Since last year, the company has reorganized its lines of business and placed more emphasis on...
Since last year, the company has reorganized its lines of business and placed more emphasis on its traditional products while selling off some marginal businesses merged by the previous management. Total assets are 10 percent less than they were last year, but working capital has increased. Retained earnings remained the same because the disposals created no gains, and the net income after taxes is still near zero, which is the same as last year. Earnings before interest and taxes (EBIT)...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination C) marginal cost pricing. 37) 37) Monopolies misallocate resources because A) price does not equal marginal cost B) profits are usually positive. C) marginal cost does not equal average total cost. D) price does not equal average total cost. 38) 38) Which of the following assumptions is true about...
Apple has been known to sell its products at higher rates than competitors, such as Microsoft,...
Apple has been known to sell its products at higher rates than competitors, such as Microsoft, as it has been successful at convincing consumers that Apple products are special and more luxurious in comparison. By accomplishing this, Apple has gained: a. multipoint competition. b. market power. c. corporate-level core competencies. d. brand awareness. Which of the following is an advantage of pursuing diversification by entering into a greenfield venture? a. By taking advantage of intangible resources, such as experience and...
15. Suppose you own a firm in the transportation business that is looking to expand its...
15. Suppose you own a firm in the transportation business that is looking to expand its services to three cities. You hire a research firm to conduct some market research and they report the following demand for bus tickets in the past to you. Halle 2011 Leipzig 2011 Dresden 2011 2010 2009 2010 2009 2010 2009 City Year Bus tickets sold Price per ticket 80 6040 80 60 90 80 60 90 20€ 40€ 60€ 40€ 80€ 20€ 10€ 20€...
Write in C language CEO's Problem Every CEO has their own unique problem, they say. The...
Write in C language
CEO's Problem Every CEO has their own unique problem, they say. The same goes to Jajo. Determining the fate of his newbom company is super tough. Every year, las board committee present him with S denoting the number of customers that use his company's services out of total M customers already in the market. And every year, C number of new customers will enter the market, and all of them will use his company's services Other...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure....
End of Chapter Quiz Answer True (T) or False (F): 1. Competition is protected by law...
End of Chapter Quiz Answer True (T) or False (F): 1. Competition is protected by law in the United States. 2. In perfect competition, government regulates business activities. 3. Ina monopoly, one producer or seller has total control of the supply and price of a certain product 4. A patent protects an inventor's right to produce and sell a new invention 5. A copyright is an 6. Mos example of a technological monopoly. t businesses in the United States today...
A small town has only one pizzeria, the Pizza Factory. A small competitor, Perfect Pies, is thinking about entering the market. The profits of these two firms depend on whether Perfect Pies enters the market and whether the Pizza Factory-as a price leader-decides to set a high price or a low price. Use the payoff matrix below to answer the questions that follow. Perfect Pies Enter Stay out Perfect Pies makes Perfect Pies makes $10,000 High price The Pizza Factory...
We Act * " E 2119 AaBbcc AaBb De AaBbc AaBbcc AaB AaBbce. 1 No Spact Heading1 Heading 2 Title Subtitle Normal Paragraph Styles Several states have set the minimum wage in their states higher than the federal minimum wage. If doing so places them at a competitive disadvantage for new business this might be counterproductive. On the other hand, the minimum wage is typically relevant only in low-paid service jobs. Who makes the minimum wage in your community? b....
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination C) marginal cost pricing. 37) 37) Monopolies misallocate resources because A) price does not equal marginal cost B) profits are usually positive. C) marginal cost does not equal average total cost. D) price does not equal average total cost. 38) 38) Which of the following assumptions is true about...
15. Suppose you own a firm in the transportation business that is looking to expand its services to three cities. You hire a research firm to conduct some market research and they report the following demand for bus tickets in the past to you. Halle 2011 Leipzig 2011 Dresden 2011 2010 2009 2010 2009 2010 2009 City Year Bus tickets sold Price per ticket 80 6040 80 60 90 80 60 90 20€ 40€ 60€ 40€ 80€ 20€ 10€ 20€...
Write in C language
CEO's Problem Every CEO has their own unique problem, they say. The same goes to Jajo. Determining the fate of his newbom company is super tough. Every year, las board committee present him with S denoting the number of customers that use his company's services out of total M customers already in the market. And every year, C number of new customers will enter the market, and all of them will use his company's services Other...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure....
End of Chapter Quiz Answer True (T) or False (F): 1. Competition is protected by law in the United States. 2. In perfect competition, government regulates business activities. 3. Ina monopoly, one producer or seller has total control of the supply and price of a certain product 4. A patent protects an inventor's right to produce and sell a new invention 5. A copyright is an 6. Mos example of a technological monopoly. t businesses in the United States today...
Most questions answered within 3 hours.
-
1. Starting from rest, an automatic subway train is controlled
by a computer
that causes it’s...
asked 4 minutes ago -
Find and , the mean and standard deviation of the
sampling distribution of :
μ = 25,...
asked 4 minutes ago -
You place a block of
ice (mass of 3 kg) into a test chamber filled with...
asked 51 minutes ago -
If a benzene ring has one -CF3 group as a
substituent, will the next substituent add...
asked 28 minutes ago -
CORPORATE FINANCE
STATEMENT: If the total risk of a stock is high you can
expect the...
asked 19 minutes ago -
Which of the following is true?
Select one:
a. The existence of generally accepted accounting principles...
asked 19 minutes ago -
What are the three characteristics of traditional "neighbor
ethics" that Jonas isolates, and in what respects...
asked 21 minutes ago -
According to the manufacturer of a certain candy, 9% of the
candy produced are red. If...
asked 22 minutes ago -
A rectangular block that is 0.6m wide, 0.6m long and 1.2m high
stands on a horizontal...
asked 29 minutes ago -
3. Assume that a mining company that produces ore sells its
product for $40 per ton....
asked 23 minutes ago -
A near sighted person wears corrective glasses made of a
diverging lens with a focal length...
asked 24 minutes ago -
You work for several accountants who are hosting a public
seminar on recent changes to tax...
asked 41 minutes ago