Of the four market structures given below, which is the MOST competitive? Monopolistic competition. Oligopoly....

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Of the four market structures given below, which is the MOST competitive? Monopolistic competition. Oligopoly. Monopoly. Perf

A manufacturer produces 5,000 metal crates each month at a cost of $50,000. However, the production of these crates leads to

Under third-degree price discrimination: Buyers get a discount for large orders. Each buyer pays a different price that is ba

Suppose there are nine firms in the cat food industry and the market shares of the nine firms are as follows: 60%,5%, 5%, 5%,

Which list of characteristics best describes a monopoly market? o One seller, no close substitutes for the product, easy to e

business economics

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Answer 1

Answer #1

- perfect competition

- $50000; $80000

Private cost = 50000

Social cost= 50000 + 20000+ 10000= 80000

- a firm charges different and distinct groups of consumers different prices.

- 75%; 3800

Concentration ratio = 60 + 5 + 5 + 5= 75%

Herfindahl hirshman index = 60^2 + 8(5)^2= 3800

- one seller, no close substitutes for the product, significant barriers to entry /exit

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Answer 2

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