5.3.2 Practice - Bialey Stringer

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Rocklin High *

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Economics

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Nov 24, 2024

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2

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1. Complete the table below with the characteristics of an oligopoly. Characteristic Barriers to entry There are barriers to entry that do not allow new firms to enter the market Profits Positive economic profits Number of firms 0 firms Products The firm is not producing at the minimum point on the ATC Curve Demand curve faced by one firm in the market The demand curve is sloping downwards 2. The graph below shows a typical ATC curve. Use the graph to draw and label the effect that each of the following barriers to entry has on the ATC curve: a. Expertise b. Economies of scale c. Start-up costs
3. Use the information in the graph to fill in the correct values in the table below. Blue - Price set by an oligopolist firm Lime - Profit maximizing level of output Profit-maximizing level of output It is lower than the level of output where the firm has the lowest average cost. Allocatively efficient level of output Deadloss weight indicates that the firm is not allocatively efficient. Productively efficient level of output The firm is not producing at the minimum point on the ATC curve. Price set by an oligopolistic firm The price at the profit-maximizing level of output is the highest price that consumers will pay.
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