. Why do oligopolies exist? A. A small number of firms have established barriers to entry using economies of scale, patents, and sheer size to prevent other firms from challenging them.
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Only typed answer
1. Why do oligopolies exist?
A. A small number of firms have established barriers to entry using economies of scale, patents, and sheer size to prevent other firms from challenging them.
B. The oligopolistic firms are created, run, and supported by the government.
C. The members of an oligopolistic market are producing in the upward sloping range of their long run average cost
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- Firms compete in different types of market structures. In the real world, most markets are either monopolistically competitive or oligopolistic, and a few markets have a monopoly. Note that perfect competition is rare because no market has all the characteristics of a perfectly competitive market as described by the theory of perfect competition. 1. (a) What is a monopoly? Give an example. (b) How many firms are there in the Internet provider market? Is it easy or difficult for new firms to set up and compete in this industry? Explain. (c) How do firms in the Internet provider market compete?Economics Name Date Pd Market Structures SSEMI4 The student will explain the organization and role of business, and analyze the four types of market structures in the U.S. economy. c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition & pure competition --Use the notes on Verge to fill in the chart Price Setting Power (easy, difficult, (control over price none, a lot, etc.) Market # of firms in industry (many, few, etc.) Differentiated or Ease of Entry Use of Non Price Homogeneous Structure Competition (yes/no) Product/Service etc.) Еxamples Pure or Perfect Competition Monopolistic Competition Oligopoly Geographic- Monopoly Technological- Natural-Question 1(i) Use the graph below to explain the output, profit and loss conditions formonopolistically competitive firms. Show your work where appropriate inreference to the Graph. (ii) With examples, examine the barriers to business entry for imperfectcompetition firms
- HW#5 (Monopoly, Monopolistic Competition, Oligopoly) Back to Assignment Attempts: Keep the Highest: /3 2. The components of marginal revenue Jake's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Jake produced seven fire engines, but he has decided to increase production to eight fire engines. The following graph shows the demand curve Jake faces. As you can see, to sell the additional engine, Jake must lower his price from $100,000 to $50,000 per fire engine. Note that while Jake gains revenue from the additional engine he sells, he also loses revenue from the initial seven engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial seven engines by selling at $50,000 rather than $100,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $50,000. (?…1. compare the quantity and price of an oligopoly to those of a monopoly 2. compare the quantity and price of an oligopoly to competitive marketEconomics 1. How do firms in an oligopolistic market set their prices? Use specific examples 2. Explain how firms that compete in the four different market structures determine profitability. Use specific examples please help
- 25. When monopolistically competitive firms advertise they hope to _________ and __________. When monopolistically competitive firms advertise they hope to _________ and __________. decrease market share; increase average total cost increase market share; increase average total cost increase market share; decrease average total cost decrease market share; decrease average total costWhy do oligopolies exist? Group of answer choices 1-A small number of firms have established barriers to entry using economies of scale, patents, and sheer size to prevent other firms from challenging them. 2-The members of an oligopolistic market have signed agreements that divide the market such that no other firms will be able to achieve their level of profits. 3-The oligopolistic firms are created, run, and supported by the government. 4-The members of an oligopolistic market are producing in the upward sloping range of their long run average cost curves.Q3 solution needed company: Amazon 1) Choose one product and identify its market structure among a perfectly competitive, monopoly, monopolistically competitive, and oligopoly and explain why. Product: Perfectly competitive: Monopoly: Monopolistically competitive: Oligopoly: 2) Choose one company for your product and describe its history and at least three unique characteristics of that company. The company for my product that I have chosen is ________. _____’s notable historical moments include ________. Three unique characteristics of _______ include _______. 3) Show and describe historical data on its quantities produced (sales), its price, and its revenue at least 10 years.
- A Moving to another question will save this response. Question 2o Why oligopoly firm earns abnormal profit in the long run, while a competitive firm earns normal profit only? For the toolbar, press ALT+F10 (PC) or Al T+EN+F10 (Mac)1. What are the 5 characteristics of perfect competition? 2. Define the followings? A. Monopoly B. Oligopoly C. Duopoly D. Perfect competition E. Knockoffs 3. What is a Resource Market? 4. What are the 4 types of resources in economics and define each? 5. What is an example of game theory in economics? 6. If you are the manager/owner of the company, what will you do to solve the negative effect of perfect competition?Question 6 (a) Why is Perfect Competition considered to display high level of economic efficiency? (b) How does monopoly result in a dead-weight loss? Illustrate with diagram. (a) How is oligopoly different from monopolistic competition? (b) Illustrate and explain how the oligopolistic firms determines their collective profit by maximizing price and output levels when they collude and act like a cartel (monopoly). Question 7 (a) What are the main causes of market failure? Give one example and illustrate using a diagram. (b) Explain the difference between private costs and social costs. (c) Government of Country X is considering implementing a tax on fizzy drinks. Using a demand and supply diagram, illustrate what effect the tax will have on the market of fizzy drinks. (d) For what purposes does government use taxes-both at micro and macroeconomic level?