11. Comparing different market structures In which of the following market structures do firms produce at an output level that is both resource allocative efficient and productive efficient? O Perfect competition only O Monopoly and oligopoly only O Monopolistic competition only O Perfect competition, monopolistic competition, monopoly, and oligopoly

11. Comparing different market structures In which of the following market structures do firms produce at an output level that is both resource allocative efficient and productive efficient? O Perfect competition only O Monopoly and oligopoly only O Monopolistic competition only O Perfect competition, monopolistic competition, monopoly, and oligopoly

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 3SCQ: Consider the curve in the figure below, which shows the market demand. marginal cost, and marginal...

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QUESTION 1 There is free entry and exit in O only perfect competition O only in monopolistic competition both perfect competition and monopolistic competition O neither perfect competition nor in monopolistic competition QUESTION 2 The equality of marginal revenue and marginal cost to reach a profit maximization level applies to O perfectly competitive markets O monopoly markets O monopolistically competitive markets all kind of markets QUESTION 3 The correct formula to calculate marginal cost is O total cost/Quantity O change in total cost/change in quantity O total cost x quantity O average total cost/quantity O O
In which market structure are sellers mutually interdependent? O Monopolistic Competition O Oligopoly O Perfect Competition O Monopoly In which market structure would you find a great deal of advertising? O Monopolistic Competition O Oligopoly Monopoly Perfect Competition
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What is a feature common to both Monopolistic-Competition and Oligopoly type of markets? O productive efficiency will occur in both the short run and long run, a desirable economic property of markets. many smaller sized firms can produce the good or service at lower cost per unit than larger sized firms, thus large firms fail in the long run. the demand curve for each firm is not going to be purely elastic, because products are at least slightly different than potential rival firms' product and/or there may be some consumer brand loyalty. Firms in both types of markets eventually will be broken up by government anti-trust laws and regulations. MacBook Pro く※ G Search or type URL 6 7 8. 3 4. W E
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Consider the diagram at the right depicting the revenue and cost conditions faced by a monopolistically competitive firm. 40- What are the total revenues experienced by this firm? $ 2800 35- MC What are the total costs experienced by this firm? S 2800 ATC What are the economic profits experienced by this firm? S0. This firm is more likely in long -run equilibrium because 22 O A. economic profits will stimulate entry (which is a long-run change). O B. normal profits will stimulate entry (which is a long-run change). 18 MR O C. normal profits will not stimulate entry (which is a long-run change). D 15- O D. None of the above are true. 100 160 10- 40 80 120 160 200' 240' 280 Quantity (units per day) Revenues and Costs ($ per unit)
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Quèstion 5 When an industry has many firms, the industry is O an oligopoly if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products an oligopoly if the firms sell differentiated products. but it is monopolistically competitive if the firms sell identical products perfectly competitive if the firms sell differentiated products, but it is monopolistically competitive if the firms sell identical products O monopolistically competitive if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products
1. Characteristics of oligopoly An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical products. Which of the following are other characteristics of this market structure? Check all that apply. O Difficult entry O Market control by a few large firms O Neither mutual interdependence nor mutual dependence O Mutual interdependence O Market control by many small firms