 Show Transcribed Image Text:Which of the following market types has all firms selling products so identical that buyers do not care from which firm they buy? O a. oligopoly O b. monopolistic competition O c. perfect competition O d. monopoly Which of the following will decrease the supply of goods? O a. New technology used in producing goods O b. Rise in the price of the good O c. Increase in the price of factors O d. None of these Q: An industry comprised of four firms, each with about 25 percent of the total market for a product,… A: There are various forms of market structure in the economy. Each having its own characteristics and… Q: An industry comprised of four firms, each with about 25 percent of the total market for a product,… A: In economic theory, markets can be classified under different types based on the level of… Q: The market structure in which entry into the industry is the hardest is: O a. oligopoly O b. perfect… A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want… Q: Why could a monopolistically competitive market be considered inefficient? Select one: O a. because… A: The monopolistically competitive market produces at MC=MR and P=ATC in the long run but the P>MC… Q: If the economies of scale are so large that only one firm can survive in the industry, then that… A: The market structures are of various kinds such as perfect competition, oligopoly, monopolistic… Q: Vhich of the following is the main characteristics of Oligopoly firms but NOT in the case of… A: In oligopoly, there are few large firms in in the market with interdependence. In monopolistic… Q: If a firm under pure competition strives to become more competitive through using branding,… A: In perfect competition, the firms are price taker ie. they cannot alter the prices. Also, every firm… Q: What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? O… A: There are various market structures in an economy- perfect competition, monopoly, monopolistic… Q: How might a monopolistically competitive firm continually earn economic profit greater than zero? To… A: Monopolistic competition is the market structure where there are many sellers and many buyers and… Q: One key feature of a monopolistically competitive market is a. that there are a lot of firms who… A: There are different types of market structures- perfect competition, monopolistic competition,… Q: The figure above shows a monopolistically competitive firm in the short run. During the transition… A: During the transition in the long run, the demand curve and the MR curve would shift to left. This… Q: 6. In which form of the market structure is the degree of control over the price of its product by a… A: Different forms of markets has different pricing decision based on their characteristics and… Q: Question 4 All of these are characteristic of monopolistic competition, EXCEPT: O A. free entry and… A: In a market with monopolistic competition, there exists free entry & exit of firms in the… Q: 29) In monopolistic competition, each firm has a demand curve with O a. a negative slope, and there… A: A monopolistic competitive market is the place where firms offer differentiated products. Q: If the economies of scale are so large that only one firm can survive in the industry, then that… A: Economies of scale can be referred to as the cost advantage of a firm when the firm can able to… Q: The above figure is for a firm in monopolistic competition. The diagram represents the short run… A: This is the short run monopolistic competition. In short run ATC is lower than the demand curve… Q: In a monopolistically competitive market, wher new firms ENTER the market, each individual firm's:… A: A monopolistically competitive market firms differentiate products so each firm has its own demand… Q: In a monopolistically competitive market, when new firms ENTER the market, each individual firm's:… A: As new competition enters the market, it will take certain market share from the existing firm. This… Q: QUESTION 15 Which is the correct formula to calculate marginal revenue for a monopolistically… A: Since you have asked multiple question, we will solve the first question for you. If you want any… Q: The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic… A: Profit maximizing quantity would be determined where MR=MC So the quantity would be 150. At… Q: Panel (a) MC Panel (b) Panel (c) MC MC ATC ATC ATC MR D=P MR D = P D=P MR Output (Q) Output (Q)… A: The firm produces at MC=MR to maximize profit.It charge price form the demand curve at the output… Q: Panel (a) MC Panel (b) Panel (c) MC MC ATC ATC ATC D= P MR D =P MR D= P MR Output (Q) Output (Q)… A: Solution is given below Q: A monopolistically competitive firm will shut down in the short run if: Select one: O a. If it can… A: Meaning of Monopolistic Competition: The term monopolistic competition refers to the situation… Q: Which of the following is not a differenče between perfect competition and monopolistic competition?… A: Answer: Correct option: option 2 (Long-run economic profit) Explanation: Long-run economic profit is… Q: The market is one with freedom of entry and exit, but firms can differentiate their products. Select… A: Pure competition( also known as perfect competition) is one in which there are large no of buyers… Q: Assume that in short-run equilibrium, a particular monopolistically competitive firm charges $12 for… A: Given the price = $12Number of units sold = 62 unitsATC = $18 Q: The following graph shows the costs and revenues of a typical firm operating in a monopolistically… A: A monopolistically competitive market is a market meeting features of both perfect competition and… Q: Assume that in short-run equilibrium, a particular monopolistically competitive firm charges $10 for… A: A Monopolistic competition is characterised as a perfectly open competition and, however differs in… Q: ngure depicis a competitive market. In lông run, how much output will the monopolistic competition… A: The Equilibrium level in monopoly is that level of output in which marginal revenue equals marginal… Q: Which of the following statements is not correct? oa. Both monopolistic competition and oligopoly… A: Monopolistic competition describes a market in which several companies sell similar but not… Q: Which statement best explains why consumers might benefit more from monopolistic competition than… A: A monopolistic competitive market firm produces differentiated products so there are variety of… Q: The fast food industry can be modeled best using the model of O perfect competition. oligopoly. O… A: The market structure can be divided into four based on the degree of competition and the type of… Q: If the four largest firms in a market produce 88 percent of total industry output, the market is O a… A: Monopoly is defined as a market structure where there is single seller and larger number of buyers… Q: 4) The figure below shows the price and quantity for a monopolistically competitive firm that… A: In monopolistic competition marginal revenue lies below the demand curve. Profit is maximised at a… Q: $2.50 $2.25 MC ATC $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 Demand = P $0.50 $0.25 MR $0.00 10 15 20 25… A: Monopolistic competition is a hybrid of monopoly and perfect competition (a completely theoretical… Q: MN 00 25 Price %24 Question 42 of 60 > For the monopolistically competitive firm in the following… A: There is many firms in monopolistically competitive market. Each firm produces differentiated… Q: Assume that in short-run equilibrium, a particular monopolistically competitive firm charges $12 for… A: A monopolistically competitive firm is the one where there are large number of firms producing… Q: The largest firms account for the bulk of the industry's output. Select one: a. Monopoly O b.… A: Four different types of market structures in an economy are: perfect competition, monopoly,… Q: When a firm in monopolistic competition is earning a positive economic profit, which of the… A: A monopolistically competitive market is a market with imperfect competition consisting of a large… Q: lease argunt !!! why oligopoly firms earn abnormal profit in the lon run , while competitive firm… A: When a company earns a profit that is higher than usual, this is known as abnormal profit. When… Q: If a monopolistically competitive firm is selling at a price below average total cost it is… A: Monopolistic competition is a competition in which similar but not perfectly substitutable goods are… Q: Which of the following is true for a monopolistically competitive industry? * O There are many… A: Monopolistic firm: It refers to a firm under which goods and services are produced by many… Q: Select the FALSE statement about monopolistic competition O Products are differentiatied There are… A: A Monopolistic market has some specfiic features that make sit different from other competitive… Q: Explain what you know about collusion and cartels, including: definition, formation of motives,… A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for… Q: Which of the following is a difference between monopolistic and perfect competition? O A. In perfect… A: There is numerous kinds of the market that are classified on the basis of the gradation of… Q: Price equals marginal cost in an oligopoly for a. Bertrand with identical products, but not… A: Oligopoly:- Oligopoly can be defined as the structure of market where there are small number of… Q: Question 9 P MC Pre ATC MC ATC AMR Pice ATO AIC Qey If the above images are representative of the… A: The markets are the place where the buyers, and the seller act. The buyers tend to make up the… Q: Solve the attachment. A: Oligopoly is a market structure with a limited number of firms, none of which could keep others from… Q: Explain the importance of advertising in monopolistically competitive industries how does his… A: In the monopolistic market structure, there exists a large number of firms but every firm in this… Q: ppose you operate in a monopoly environment and you set your price in order to achieve maximum pro… A: Note : Since you have uploaded more than one question , only the first question shall be answered at… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below. Recommended textbooks for you ENGR.ECONOMIC ANALYSIS ISBN:9780190931919 Author:NEWNAN Publisher:Oxford University Press Principles of Economics (12th Edition) ISBN:9780134078779 Author:Karl E. Case, Ray C. Fair, Sharon E. Oster Publisher:PEARSON Engineering Economy (17th Edition) ISBN:9780134870069 Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling Publisher:PEARSON Principles of Economics (MindTap Course List) ISBN:9781305585126 Author:N. Gregory Mankiw Publisher:Cengage Learning Managerial Economics: A Problem Solving Approach ISBN:9781337106665 Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor Publisher:Cengage Learning Managerial Economics & Business Strategy (Mcgraw-... ISBN:9781259290619 Author:Michael Baye, Jeff Prince Publisher:McGraw-Hill Education ENGR.ECONOMIC ANALYSIS ISBN:9780190931919 Author:NEWNAN Publisher:Oxford University Press Principles of Economics (12th Edition) ISBN:9780134078779 Author:Karl E. Case, Ray C. Fair, Sharon E. Oster Publisher:PEARSON Engineering Economy (17th Edition) ISBN:9780134870069 Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling Publisher:PEARSON Principles of Economics (MindTap Course List) ISBN:9781305585126 Author:N. Gregory Mankiw Publisher:Cengage Learning Managerial Economics: A Problem Solving Approach ISBN:9781337106665 Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor Publisher:Cengage Learning Managerial Economics & Business Strategy (Mcgraw-... ISBN:9781259290619 Author:Michael Baye, Jeff Prince Publisher:McGraw-Hill Education What are the 4 types of markets?The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition. Market structures show the relations between sellers and other sellers, sellers to buyers, or more.
Do oligopolies sell identical products?Now, however, they don't sell identical products. Instead, they sell differentiated products—products that differ somewhat, or are perceived to differ, even though they serve a similar purpose. Products can be differentiated in a number of ways, including quality, style, convenience, location, and brand name.
What is the meaning of monopolistic market?A monopolistic market is a theoretical condition that describes a market where only one company may offer products and services to the public. A monopolistic market is the opposite of a perfectly competitive market, in which an infinite number of firms operate.
Which market has identical products and many independent buyers and sellers?Perfect competition is a market in which: - There is generally a large number of buyers and sellers. - Buyers and sellers sell identical products (there is no need for advertising). - Each buyer and seller acts independently.
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What market types has all firms selling products so identical that buyers do not care from which firm they buy?
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