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- Look at the figure below.Which diagram is consistent with a monopolistic competitor making zero economic profit in the long run?"I'm About to Lose You" The wireless industry ranks among the bottom five businesses in the American Customer Satisfaction Index. Critics say that the wireless industry has become a cozy cartel of a few dominant providers. They point to several unfair practices: high termination fees; costly to switch providers; handsets that only work with a single carrier; and limited access to Web sites. Now Washington is listening. Source: Newsweek, August 6, 2007 If it were costless to switch providers, explain what changes would occur in the wireless market. Would there be a role for Washington? If it were costless to switch providers, O A. more providers would enter the industry and the price would fall. The fall in price would decrease demand for smartphones. Washington would not need to interfere O B. providers would be even more diligent at maintaining the same high price, and Washington would be forced to police the industry to ensure that antitrust laws are not broken O C. consumers would…1. What is the definition of Strategy? Why is it important? 2. What are the strategic planning processes seven (7) steps? 3. What are the strategic planning processes important? 4. What NEGATIVE impact can no strategic planning have on any business?
- What is a company based in Nova Scotia that you think shoud begin selling its products in a country outside of North America? who are some current competitors in that country and their marketing efforts.Firm Verizon ATT Sprint T-Mobile All others Market Share (%) 10 8 7 5 1 a. What is the approximate Herfindahl index? Instructions: Round your answer to the nearest whole number. b. Based on this Herfindahl index calculation, how would you describe its market structure? Monopolistic competition Oligopoly C. What is the four-firm concentration ratio? Instructions: Round your answer to to one decimal place.QUESTION 4 Match each of the terms to their description: Collusion A. an illegal official arrangment where firms work together B. firms work together Differentiated Products Cartel C. a game where cooperation provides the largest gains D. products have features that separate them from others. E. the branch of mathematics that analyzes decision making Game Theory Prisoner's Dilemma Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Ar Type here to search 62°F
- What are the characteristics of an oligopoly? Choose all that apply. A. One particular product or service has no substitute. B. A few large sellers exist. C. Only one seller exists. D. Products and services tend to be identical or similar.11 A monopolistic competitor needs to determine the price to charge for a product. What is the first step the firm should take? A Determine total revenue, total cost, and profit BO Determine the profit-maximizing quantity to produce Determine average costs, total revenue, and profit DO Determine what price to charge for the product12
