A market consisting of many sellers who sell similar but not identical products is an example of perfect competition monopolistic competition oligopoly monopoly
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- Compare the quantity and price of an oligopoly tothose of a perfectly competitive market.O Macmillan Learning As a result of the assumptions of a kinked demand curve model the portion of the demand curve above the kink is more elastic than below the kink. the MR curve is a continuous line. the portion of the demand curve above the kink is less elastic than below the kink. oligopoly prices are unstable.The term oligopoly indicates
- Define the various features of oligopoly market . Need plagiarism free ans please.How do pricing strategies vary across markets that are characterized bymonopolistic, oligopolistic, monopolistic competition, and purecompetition?What is the explanation for the kink in the kinked demand carve of an oligopolistic?
- In Malaysia, there are only a few firms in the telecommunication industry such as Maxis, Digi, and Celcom. By the theory of economics, this situation is called an oligopoly. Oligopoly, a market dominated by a few large firms of a homogeneous or differentiated product. Explain how the price and output affect the production decision of the individual oligopolist.Consider two Cournot oligopolists, firm 1 and firm 2, in a homogenous product market. The market demand is P = 100 - 3Q and each firm has a constant marginal cost MC=10. The market price of equilibrium and total quantity in the market is: Select one: a. P* 30 and Q* = 20 O b. P* 40 and Q* = 20 ○ c. P* = 40 and Q* = 30 O d. P*20 and Q* = 30What is the characteristics of oligopoly. Please explain