In your own words: QUESTION: What are one example of a monopolistically competitive firm, oligopoly, and monopoly in your local area? In your example, please relate to the market characteristics of each of the market structures?
In your own words: QUESTION: What are one example of a monopolistically competitive firm, oligopo...
please answer all questions! In the short run, a firm in a monopolistically competitive market operates much like what type of firm? U a perfectly competitive firm an oligopoly firm O a monopoly O a duopoly When we compare diagrams for firms in different market structures, what do we notice? For competitive firms and monopolistically competitive firms, the revenue curves are similar but the cost curves are quite different. For competitive firms and monopolistically competitive firms, the cost curves are...
USING YOUR OWN WORDS FOR YOUR RESPONSE: Why does the demand curve facing a monopolistically competitive firm slope downward in the long run, even after the entry of new firms?
Classify each market characteristic as being a trait of competitive markets, monopolistically competitive markets, or both market structures. Competitive Markets Monopolistically Competitive Markets Both Market Structures Answer Bank Differentiated goods Few, if any, barriers to entry No one buyer or seller can control prices Many buyers and sellers Identical/homogenous goods Match each example to the market structure it is most likely to belong to. Perfect (pure) competition Monopolistic competition Oligopoly Monopoly Answer Bank Carl's Taco Truck, one of many food...
These three questions please Question 37 (1 point) Table 16-1 A monopolistically competitive firm faces the following demand curve for its product: Price (S) 10 4 8 7 6 16 8 10 5 12 4 14 3 16 2 18 20 1 Refer to Table 16-1. The firm has total fixed costs of $20 and a constant marginal cost of $5 per unit. What will the firm do? It will produce 2 units; firms will exit the market in the...
2. Give your own example of a real-life market that may be a monopoly and one that may be an oligopoly. Explain why that market is a monopoly and why the other market is an oligopoly. ollisia ei olorat diw)
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
12. (15 points) a. Draw a diagram to show a profit maximizing monopolistically competitive firm in a long run equilibrium, and fully explain your diagram. This requires use of cost curves plus demand and related curves. b. Explain what aspect of the market structure gives the firm "monopoly" power, and discuss how this is represented in the diagram. c. What aspect of the market structure makes the firm "competitive". How is this represented in the diagram?
You are a business manager at a monopolistically competitive firm. One of your newly hired workers wants to know the following. (Please use the MR MC approach in your answer.) What are the steps required to determine the optimal level of output? What are the steps required to determine the price that corresponds to that optimal level of output? What are the steps required to determine if the firm has achieved maximum profits? What are the steps required to determine...
These two questions please Question 48 (1 point) In what type of market do the actions of any one seller have a significant impact on the profits of all other sellers? a monopoly market a perfectly competitive market a monopolistically competitive market an oligopoly Question 50 (1 point) In a particular town, Xpressdata and Blazedata are the only two providers of wireless Internet service. What do Xpressdata and Blazedata constitute? O a duopoly, whether they collude or not a cartel,...
Question 19 (Mandatory) (5 points) In short-run equilibrium, a firm in a monopolistically competitive market produces at a level of output at which OA) no new entry will occur. OB) the revenue generated by selling an additional unit is equal to the cost of producing the additional unit. C) the firm breaks even. D) the revenue per unit is equal to the cost per unit. Question 20 (Mandatory) (5 points) A natural monopoly OA) is a market in which long-run...