The market for haircuts is a:
A. Supply-driven market.
B. Competitive market.
C. Monopoly market.
D. Demand-driven market.
The market for haircuts is a competitive market because market for haircuts has many buyers and many sellers ,and so that each has a negligible impact on price. Hence, option(B) is correct.
The market for haircuts is a: A. Supply-driven market. B. Competitive market. C. Monopoly market. D....
Perfectly competitive and monopoly firms are complete opposites. The monopoly demand curve is ___ while the perfectly competitive firm’s demand curve is ___. This is because a monopoly is the only producer in an industry, so the monopoly firm’s ___ curve is the same as the market demand curve, while the perfectly competitive firm produces in a market with ___ competitors. Perfectly competitive and monopoly firms are complete opposites. Drag word(s) below to fill in the blank(s) in the passage....
) Looking at differences between a single firm within a perfectly competitive market and a monopoly, which of the following is true? a) A single firm within a perfectly competitive market, sees the entire downward sloping demand curve of the perfectly competitive market. b) A single firm within the perfectly competitive market can set its price at any level and will not see a change in the demand. c) Because it is the only producer in the market, the monopoly...
A monopoly has A. A perfectly elastic demand curve B. A perfectly elastic supply curve C. An inelastic demand curve D. less elastic demand curve than a competitive firm
The local nail salon market is best characterized as: A) Pure Monopoly B) Oligopoly C)Monopolistically Competitive D)Perfectly Competitive E) between monopoly and oligopoly
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...
Competitive market or monopoly for both drop down menus. 5. Monopoly outcome versus competition outcome Consider the daily market for hot dogs in a small city. Suppose that this market is in long-run competitive equilibrium with many hot dog stands in the city, each one selling the same kind of hot dogs. Therefore, each vendor is a price taker and possesses no market power. The following graph shows the demand (D) and supply (S MC) curves in the market for...
1. What is a monopoly? Name 2 differences between a monopoly and a perfectly competitive market. 2. What is the profit maximizing condition for a price-setting monopoly? 3. Show that MR follows the notion "same intercept, twice the slope" of demand. 4. Is a monopoly the most socially optimal market? How does a monopoly differ from a perfectly competitive market? Explain and show in a graph. What is the difference in welfare? 5. At what point would a monopoly decide...
Which of these statements regarding the differences between monopoly and a competitive market are true? Choose one or more: A. There are more firms in a competitive market than in a monopoly. B. A monopolist can earn profits in the long run, but a firm in a perfectly competitive market cannot. C. A monopoly is a price maker, while a competitive firm is a price taker. D. A monopolist will produce less than the output produced in a perfectly competitive market.
Stagflation is most likely to occur during __________. A. Aggregate Supply-driven expansions B. Aggregate Supply-driven recessions C. Aggregate Demand-driven expansions D. Aggregate Demand-driven recessions
39. A Monopoly differs from a Perfectly Competitive market in that: A) A Monopolist always earns a normal profit in the long run. B) A Monopoly market is easy to enter. C) No close substitutes exist for the Monopolist’s product. D) There is a lot of market power in a Perfectly Competitive market and none in a Monopoly market.