Homework Answers
Legal barriers
Explanation: Patents are granted by the government and violation of patent is punishable by law. Therefore, this is an example of legal barrier to entry in a monopoly market.
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1. The monopoly market structure Aa Aa A monopoly, unlike a perfectly competitive firm, assumes s...
A monopoly like a perfectly competitive firm has some market power. Thus, it can raise its...
A monopoly like a perfectly competitive firm has some market power. Thus, it can raise its price, within limits, without quantity demanded falling tower. The main way monopolies retain their market power is through barriers to entry, which prevent other companies from entering monopolized markets and competing for customers. Consider the market for a statewide lottery. The government has licensed itself as the only entity allowed to sell tickets for this lottery. It is impossibl for any private firm to...
L. Sources of monopoly power tive firm, has some market power. It can raise its price,...
L. Sources of monopoly power tive firm, has some market power. It can raise its price, within limits, without the quantity demanded falling to zero. ket power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry Complote the following table by indicating which barrier to entry appropriately explains why a monopoly exists in each scenario. Barriers to Entry Exclusive Ownership of a Key Resource Government Createcd Monopolies Scenario Economies of...
abes X X 1 Entry Level Llex Theron O QUE FINAL EXS X 69 Cengage Digital...
abes X X 1 Entry Level Llex Theron O QUE FINAL EXS X 69 Cengage Digital sign in Union unioncc instructure.com/courses/31588/quizzes/105637/take Output 20 40 Refer to the above graph, showing the Total Revenue Total Cost approach of determining profit, loss, & break-even under pure competition. At which range of output would the firm maximize pront__? At which output levels would it break even ? o maximize profit at output 440; breakeven at output 320. maximize profit at output 100: breakeven...
Question 1 3 pts Some key characteristics of a monopoly market is Select] [Select) substitutes for...
Question 1 3 pts Some key characteristics of a monopoly market is Select] [Select) substitutes for the product: (Select) barriers to entry: Select] market power and are [ Select] Question 8 3 pts A five-firm industry has market shares equal: 65, 15, 10, 5, and 5. The industry's HHI = This industry highly concentrated. (answer is or is not) A merger in this industry likely to be approved. (answer is or is not) Question 7 2 pts In Industry 1,...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market has ATC - S6, AVC - S5, and MC - $8. How much economic profit is the firm earning in the short run? a. $2 per unit b. Si per unit c. $0 per unit Od.$3 per unit QUESTION 23 Which of the following factors is most likely to shift IBM's total cost and marginal cost curves downward? a. a technological advance resulting in...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive firm owns a key resource, but a monopoly firm does not. b. A competitive firm is a price taker, and a monopoly is a price maker. c. A competitive firm produces output at a lower cost than a monopoly firm. d. A competitive firm is subject to government regulations, but a monopoly firm is not. 2.) What is the main social problem caused by...
Question 9 1 pts In a monopolistically competitive market, a firm should advertise to the point...
Question 9 1 pts In a monopolistically competitive market, a firm should advertise to the point at which o the extra revenue from an additional dollar spent on advertising just equals the marginal cost of producing one more unit of the good. o it can raise price to the highest level possible. it is selling the most units it can possibly sell. O the additional revenue generated by one more dollar of advertising just equals the extra dollar cost of...
QUESTION 1 A monopoly O a takes the market price as given and earns small but...
QUESTION 1 A monopoly O a takes the market price as given and earns small but positive profits. b.can set the price it charges for its output and earn unlimited profits. Occan set the price it charges for its output but faces a horizontal demand curve so it can earn unlimited profits. d. can set the price it charges for its output but faces a downward-sloping demand curve so it cannot earn unlimited profits. QUESTION 4 1.00000 points Drug companies...
Please do all seven thank you!! Question 2 Inconect The problems of high prices, inefficient production...
Please do all seven thank you!!
Question 2 Inconect The problems of high prices, inefficient production inefficient allocation of resources, and lack of change/innovation are most likely to occur in what market structure? . 0.00 points out of 100 Select one a monopoly Pflag question b. none of the above this combination of problems cannot happen together in one market structure c oligopoly d. monopolistic competition e. perfect competition on 3 incorrect If there are significant barriers to entry, then...
1. In what ways was Microsoft’s behaviour (a) against the public interest; (b) in the public...
1. In what ways was Microsoft’s behaviour (a) against
the public interest; (b) in the public interest?
2. Being locked in to a product or technology is only
a problem if such a product can be clearly shown to be inferior to
an alternative. What difficulties might there be in establishing
such a case?
etwork effects Microsoft is a vertically integrated
firm (see page 87), with a dominant position in the operating
system market (i.e. Windows) and in certain application...
A monopoly like a perfectly competitive firm has some market power. Thus, it can raise its price, within limits, without quantity demanded falling tower. The main way monopolies retain their market power is through barriers to entry, which prevent other companies from entering monopolized markets and competing for customers. Consider the market for a statewide lottery. The government has licensed itself as the only entity allowed to sell tickets for this lottery. It is impossibl for any private firm to...
L. Sources of monopoly power tive firm, has some market power. It can raise its price, within limits, without the quantity demanded falling to zero. ket power is through barriers to entry-that is, other companies cannot enter the market to create competition in that particular industry Complote the following table by indicating which barrier to entry appropriately explains why a monopoly exists in each scenario. Barriers to Entry Exclusive Ownership of a Key Resource Government Createcd Monopolies Scenario Economies of...
abes X X 1 Entry Level Llex Theron O QUE FINAL EXS X 69 Cengage Digital sign in Union unioncc instructure.com/courses/31588/quizzes/105637/take Output 20 40 Refer to the above graph, showing the Total Revenue Total Cost approach of determining profit, loss, & break-even under pure competition. At which range of output would the firm maximize pront__? At which output levels would it break even ? o maximize profit at output 440; breakeven at output 320. maximize profit at output 100: breakeven...
Question 1 3 pts Some key characteristics of a monopoly market is Select] [Select) substitutes for the product: (Select) barriers to entry: Select] market power and are [ Select] Question 8 3 pts A five-firm industry has market shares equal: 65, 15, 10, 5, and 5. The industry's HHI = This industry highly concentrated. (answer is or is not) A merger in this industry likely to be approved. (answer is or is not) Question 7 2 pts In Industry 1,...
QUESTION 22 In a competitive market the price is $8. A typical firm in the market has ATC - S6, AVC - S5, and MC - $8. How much economic profit is the firm earning in the short run? a. $2 per unit b. Si per unit c. $0 per unit Od.$3 per unit QUESTION 23 Which of the following factors is most likely to shift IBM's total cost and marginal cost curves downward? a. a technological advance resulting in...
Question 9 1 pts In a monopolistically competitive market, a firm should advertise to the point at which o the extra revenue from an additional dollar spent on advertising just equals the marginal cost of producing one more unit of the good. o it can raise price to the highest level possible. it is selling the most units it can possibly sell. O the additional revenue generated by one more dollar of advertising just equals the extra dollar cost of...
QUESTION 1 A monopoly O a takes the market price as given and earns small but positive profits. b.can set the price it charges for its output and earn unlimited profits. Occan set the price it charges for its output but faces a horizontal demand curve so it can earn unlimited profits. d. can set the price it charges for its output but faces a downward-sloping demand curve so it cannot earn unlimited profits. QUESTION 4 1.00000 points Drug companies...
Please do all seven thank you!!
Question 2 Inconect The problems of high prices, inefficient production inefficient allocation of resources, and lack of change/innovation are most likely to occur in what market structure? . 0.00 points out of 100 Select one a monopoly Pflag question b. none of the above this combination of problems cannot happen together in one market structure c oligopoly d. monopolistic competition e. perfect competition on 3 incorrect If there are significant barriers to entry, then...
1. In what ways was Microsoft’s behaviour (a) against
the public interest; (b) in the public interest?
2. Being locked in to a product or technology is only
a problem if such a product can be clearly shown to be inferior to
an alternative. What difficulties might there be in establishing
such a case?
etwork effects Microsoft is a vertically integrated
firm (see page 87), with a dominant position in the operating
system market (i.e. Windows) and in certain application...
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