QUESTION 16What is the term for an industry which is dominated by a few large firms?Perfect competition.Monopoly.Monopolistic competition.Oligopoly.QUESTION 17What measures the percentage of an industry's total sales that is controlled by the few largest firms?O Economy of scale advantage.Market concentration.Concentration ratio.Concentration of scale.

Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Answered: QUESTION 16 What is the term for an…

QUESTION 16 What is the term for an industry which is dominated by a few large firms? O Perfect competition. O Monopoly. O Monopolistic competition. O Oligopoly.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: What happens in the long run in monopoly and monopolistic competition? Barriers to entry allow…

A: Monopoly is a form of imperfect competition. There is one firm. The number of consumers is high.…

Q: Determine whether each of the following isa characteristic of perfect competition, monopolistic…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Why can firms in an oligopoly earn positive economic profits? A. The firms are unregulated because…

A: A market structure known as an oligopoly occurs when a small number of businesses control a…

Q: Suppose that the market for e-readers is an oligopoly controlled by Amazon, Barnes &Noble, Sony, and…

A: oligopoly market is characterized by the presence of the few dominant firms in the market. The…

Q: Which of the following will always be true for both single-price monopoly and monopolistic…

A: Monopoly and monopolistic competition are equal when it's to price relation with the marginal…

Q: Profit Maximization Suppose that a monopolistically competitive restaurant is currently serving 260…

A: A monopolistically competitive market is the kind of market with no barriers to entry or exist. No…

Q: Explain the market structure that a service oil company thst leases vessels and jack up barges to…

A: Market structure alludes to the organizational and competitive qualities of a market, including the…

Q: The prisoners' dilemma is O an example of a duopoly game. an example of the monopolist charging high…

A: The prisoners' dilemma is a classic example in game theory that illustrates the challenges of…

Q: Three examples of oligopolies in the United States are industries that produce or sell OA. DVDs,…

A: In oligopoly marker, there is many number of buyers but only few number of sellers.There is product…

Q: Oligopoly t. Induced u. Inelastic Demand

A: Microeconomics: It is a part of economics in which the consumption of individuals will take into…

Q: Monopolistic competition has which advantage compared to a monopoly?

A: Under monopolistic competition firms can enter the market freely, with each of the firms producing…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

QUESTION 6 Which one of the following pairs of companies is operating in an oligopoly market? O a. Pepsi and Coca Cola. b. Adidas and Reebok O c. Nero and Costa. d. Nissan and Ferrari.
Macmillan Learning In monopolistic competition, advertising has been introduced as a new method to compete that differs from other markets. The following questions are centered around the topic of advertising. What two changes occur when a firm successfully advertises a product within the market? Supply for the product increases and demand becomes more elastic Demand for the product increases and demand become more inelastic O Demand for the product increases and demand becomes more elastic O Demand for the product decreases and demand becomes more inelastic What is the firm's main goal of advertising? Increase the elasticity of its demand curve Move the market closer to its natural, perfectly competitive state Increase product differentiation O Increase the supply of product in the market Which of the following would be arguments against advertising? ✔Provides a barrier to entry in the market ✔Lowers prices of some products May enhance enjoyment of the product Can lead to increased…
4. Explain why firms in perfect competitive markets have no incentive to advertise for their products and firms in monopolistic competitive markets have an incentive to advertise for their products.
The government may regulate natural monopolies because O A. the government needs to ensure reasonable prices O B. Monopolies are illegal O C. natural monopolies experience economies of scale O D. market share for one firm must be limited to 40% Answers (in progress)
Question Help O How might a monopolistically competitive firm continually earn economic profit greater than zero? To earn economic profit greater than zero, a monopolistically competitive firm must A. eliminate excess capacity by producing at minimum average cost. B. differentiate its product and produce at lower average cost than competitors. c. block entry of new firms with government-enforced trademarks. D. rely on chance events. E. be the first firm to enter a market to obtain first-mover advantages.
4 When I'MaGoldMiner chooses what quantity of gold each of its mines will produce over the next 12 months, this quantity, along with the prices prevailing in the market for output and inputs, will do which of the following? A Determine the company's total revenue, total costs, and profits Have no effect on the market forces of demand and supply CO No longer be dictated by the forces of demand and supply DO Determine the company's annual revenue, variable costs, and profits
1. Which of the following is not a type of market structure? O a. Competitive monopoly b. Oligopoly а. c. Perfect competition d. All of the above are types of market structures.
Question 4 All of these are characteristic of monopolistic competition, EXCEPT: O A. free entry and exit. O B. barriers to entry. OC. product differentiation. OD. price maker.
Exhibit 10.5 Price 3.25 3.00 2.50 0 700 1,000 MC MR ATC D = AR Quantity Exhibit 10.5 shows the demand, marginal revenue, and cost curves for a monopolistically competitive firm. At the profit-maximizing (or loss-minimizing) output and price, the firm would O a. have to expand to stay in business in the long run. O b. be better off shutting down, since total revenue does not cover fixed costs. O c. be experiencing an economic loss. O d. be earning an economic profit. O e. be earning zero economic profit.
Air Canada and WestJet recently cut their prices for flights between Toronto and Edmonton to $199. In response, Porter Airlines cut its price from $239 to $199 for flights between Toronto and Edmonton in order to remain competitive. Based on this example, what degree of competition exists in the airline industry? Select one: O a. monopolistic competition O b. oligopoly O C. perfect competition O d. not enough information to answer O e. Monopoly B
QUESTION 1 Press F11 to exit full screen Which firm would earn profit in the long-run? O a monopolist firm. O a monopolistically competitive firm. O an oligopoly firm. O a perfectly competitive firm. QUESTION 2 Refer to the graph below for a monopolistically competitive firm. ↑Price MC 160 140 ATC 123.33 Demand 90 56.67 MR 100 133.33 154.92 Quantity If the above firm chose to produce at 100 units then the firm will be O earning a profit O incurring a loss O there is no profit and no loss O the firm can earn, profit, loss or break even
24 If oligopolies compete hard against each other, which of the following will likely occur? A They will start acting like imperfect competitors. They will start acting like monopolistic competitors. The costs for all will be driven up. DO They will all experience zero profits.