p - Cengage Learning ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230772&snaps CENGAGE MINDTAP mework Profit Maximization Cck to Assignment Attempts 0.8 0.8 Keep the Highest 0.8/1 4. Market structures For each scenario in the following table, determine which market model best describes the scenario. Then identify the number of firms, the type of product, and the ease with which new firms can enter the market under this market structure. Number of Firms Type of Product Entry Market Model Scenario Hundreds of colleges serve millions of students each year. The colleges vary by location, size, cost, and educational quality, which allows students to match schools to their diverse preferences. One Many Hundreds of high school students who require tutoring in algebra choose among dozens of tutoring companies offering similar services. Few Three airlines operate between San Francisco and San Diego. There are not enough potential customers to share the route with a fourth airline without causing the average costs of the existing competitors to rise substantially. Consumers view all airlines as providing the same service and will select the least expensive one. Only one pharmaceutical company has a government patent to sell an experimental drug. - COL -Top 1 Search Grade It Now Save & Continue Continue without saving
p - Cengage Learning ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230772&snaps CENGAGE MINDTAP mework Profit Maximization Cck to Assignment Attempts 0.8 0.8 Keep the Highest 0.8/1 4. Market structures For each scenario in the following table, determine which market model best describes the scenario. Then identify the number of firms, the type of product, and the ease with which new firms can enter the market under this market structure. Number of Firms Type of Product Entry Market Model Scenario Hundreds of colleges serve millions of students each year. The colleges vary by location, size, cost, and educational quality, which allows students to match schools to their diverse preferences. One Many Hundreds of high school students who require tutoring in algebra choose among dozens of tutoring companies offering similar services. Few Three airlines operate between San Francisco and San Diego. There are not enough potential customers to share the route with a fourth airline without causing the average costs of the existing competitors to rise substantially. Consumers view all airlines as providing the same service and will select the least expensive one. Only one pharmaceutical company has a government patent to sell an experimental drug. - COL -Top 1 Search Grade It Now Save & Continue Continue without saving
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
For each scenario in the following table, determine which market model best describes the scenario. Then identify the number of firms, the type of product, and the ease with which new firms can enter the market under this market structure.
Transcribed Image Text:p - Cengage Learning
ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230772&snaps
CENGAGE MINDTAP
mework Profit Maximization
Cck to Assignment
Attempts 0.8 0.8
Keep the Highest 0.8/1
4. Market structures
For each scenario in the following table, determine which market model best describes the scenario. Then identify the number of firms, the type of
product, and the ease with which new firms can enter the market under this market structure.
Number of
Firms
Type of Product
Entry
Market Model
Scenario
Hundreds of colleges serve millions of students each
year. The colleges vary by location, size, cost, and
educational quality, which allows students to match
schools to their diverse preferences.
One
Many
Hundreds of high school students who require tutoring
in algebra choose among dozens of tutoring
companies offering similar services.
Few
Three airlines operate between San Francisco and San
Diego. There are not enough potential customers to
share the route with a fourth airline without causing
the average costs of the existing competitors to rise
substantially. Consumers view all airlines as providing
the same service and will select the least expensive
one.
Only one pharmaceutical company has a government
patent to sell an experimental drug.
- COL
-Top 1
Search
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Save & Continue
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