Think about a firm that you may like buying products from. What industry does this firm...
Think about a firm that you may like buying products from. What industry does this firm belong to? For example, Apple would be in consumer electronics. What market structure would the firm you identified fall under? What are the names of other firms in this industry? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your classification of the firm with your logic, and explained what impact this will have on their pricing power (or lack thereof) on their goods.
Homework Answers
Answer) The product that I choose is Mountain dew, a variant of Soda. This product belong to the bevarage segment under consumer products. The product is a differentiated product because of its flavor. Hence the firm would be categorised as an oligopolistic firm.
The product is engaged in a competitive rivalry with similar firms such as Coca-Cola. Mountain dew being a subsidiary of Pepsi has to take into account the prices quoted by the competitor in order to sustain in the market. Any arbitrary price rise by mountain dew could result in drastic loss of market share and the revenue.
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Think about a firm that you may like buying products from. What
industry does this firm...
If you worked at a hotel industry.. What would you identify the market structure (perfect competition,...
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The Prisoner's Dilemma utilizes game theory to explain behavior of firms in: Markets characterized by natural monopoly. Monopoly markets. Perfectly competitive markets. Monopolistically competitive markets. Oligopoly markets At 500 units of output, total costs = $50,000 and total variable cost = $5,000. What does average fixed costs (ATC) equal at 500 units? $45,000 $50. $100. $90. Statement 1: Marginal cost pricing occurs when the market price of a good is equal to the marginal cost of the last unit of...
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