48 48. One characteristic not typical ofoligopolistic industry isA.Too much importance to non-pricecompetitionB. O Price leadershipC. O Horizontal demand curveD. O A small number of firms in theindustry

Oligopoly is a form of the market which has these characteristics: 1. Small number of big firms 2.…

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48. One characteristic not typical of oligopolistic industry is

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 2SCQ: Continuing with the scenario in question 1, in the long run, the positive economic profits that the...

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Question

48. One characteristic not typical of
oligopolistic industry is
A.
Too much importance to non-price
competition
B. O Price leadership
C. O Horizontal demand curve
D. O A small number of firms in the
industry

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If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?
Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. (?) PRICE (Dollars perjacket) 100 90 80 70 60 50 40 30 20 10 0 0 MC 10 ATC MR 20 30 40 50 80 70 QUANTITY (Thousands of jackets) 80 Demand 90 100 O F ++ Mon Comp Outcome Min Unit Cost hp e
at the Because this market is a monopolistically competitive market, you can tell that it is in long-run equihbrium by the fact that the efficient scale. optimal quantity for each firm. Furthermore, the quantity the firm produces n long-run equilibrium is True or False: This indicates that there is a markup on marginal cost in the market for jackets. OTrue False
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QUESTION 26 Price MC 160 140 ATC 123.33 Demand 90 56.67 MR 100 133.33 154.92 Quantity The figure is drawn for a monopolistically-competitive firm. In response to the situation in this graph, we would expect O a. many new firms to enter this market O b. this firm to gain positive profit in the long run O c. this firm's profit to move from its current value toward zero in the long run O d. All of the above are correct
QUESTION 6 The cross-price elasticity of demand for the products of monbpolistically competitive firms is O The same as in perfect competition. O Low. O An indication that most of the products are complementary goods. O Very high.
The monopolistically competitive firm sells OA. a homogeneous; a downward-sloping B. a differentiated; a horizontal OC. a differentiated; a downward-sloping O D. a homogeneous; a horizontal product and faces demand curve.
Figure 17-2 This figure depicts a situation in a monopolistically competitive market. 100 PRICE 90 80 70 887889 60 50 40 30 20 10 MC MR ATC Demand 10 20 30 40 50 60 70 80 90 100 QUANTITY Refer to Figure 17-2. How much profit will the monopolistically competitive firm earn in this situation? O a. $80 O b. $400 O c. $0 O d. $200
answer c and d only
economic
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