1. Which market structure(s) will have zero economic profits in the long run? The perfect competition market structure. 2. Which market structure(s) will be a price maker and have barriers to entry? The monopoly market structure. 3. There are currently 8 firms in a particular market. There firm sales are given in the table below. (1) What is the four-firm concentration ratio for this industry? (2) Would you classify it as an oligopoly? Firm 1 2 3 4 5 6 7 8 Four Firm concentration ratio- 71.43% Sales $1,000 $1,500 $2,000 $2,500 $3,000 $1,000 $500 $2,500 You would classify it as an oligopoly because the concentration ratio is greater than 60%. 4. Although market structures vary widely in their characteristics, (1) what is one common aspect among all of them? (2) What is the potential calculation for your previous answer (Answers in 4.1)? 5. In the long run, (1) which market structures are likely to have their average cost curve just sit on top of their demand curve? (2) What does this imply for each market structure? (3) Are there a any differences in the market structures you gave in your previous answer? 6. What market structure(s) are likely to cause a net loss to societal welfare? H

1. Which market structure(s) will have zero economic profits in the long run? The perfect competition market structure. 2. Which market structure(s) will be a price maker and have barriers to entry? The monopoly market structure. 3. There are currently 8 firms in a particular market. There firm sales are given in the table below. (1) What is the four-firm concentration ratio for this industry? (2) Would you classify it as an oligopoly? Firm 1 2 3 4 5 6 7 8 Four Firm concentration ratio- 71.43% Sales $1,000 $1,500 $2,000 $2,500 $3,000 $1,000 $500 $2,500 You would classify it as an oligopoly because the concentration ratio is greater than 60%. 4. Although market structures vary widely in their characteristics, (1) what is one common aspect among all of them? (2) What is the potential calculation for your previous answer (Answers in 4.1)? 5. In the long run, (1) which market structures are likely to have their average cost curve just sit on top of their demand curve? (2) What does this imply for each market structure? (3) Are there a any differences in the market structures you gave in your previous answer? 6. What market structure(s) are likely to cause a net loss to societal welfare? H

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Marginal Average Marginal Total Output Price Revenue Total Cost Cost 1 $ 100 $ 100 $ 100.00 $30 2 90 80 63.00 26 80 60 52.67 32 4 70 40 49.50 40 5 60 20 49.60 50 50 50.00 52 7 40 -20 52.29 66 30 -40 55.75 80 20 -60 60.67 100 10 10 -80 67.60 130 Refer to the data for a nondiscriminating monopolist. This firm will maximize its profit by producing