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Question is about Oligopoly: What happened when oligopoly is with and without production differentiation? Comment

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter9: Competition And Monopolies

Section: Chapter Questions

Problem 22AA

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Oligopoly On the next few slides be sure to answer the following questions. What is an oligopoly? Give an example of an oligopoly. How many sellers are competing? What are the barriers to entry? Do the sellers have control over their price? Why or why not? Are the products different? Should competitors work together in an oligopolistic market? Why or why not? What is it called if they do, and is it legal?
Question Suppose there are only two companies that make a product: Company X and Company Y. Now suppose that both companies have to choose one of two potential strategies for pricing their headphones: setting a low price or setting a high price. The table below shows the expected profits for each company under each pricing scenario. Assume both companies are in competition with each other and seek to maximize their profits. Under these conditions, how much profit should we expect both companies to earn? Company Y High Price Low Price Company X High Price Profit for Company Y: $1,709, 000 Profit for Company X: $1,709,000 Profit for Company Y: $2, 136, 000 Profit for Company X: $256,000 Provide your answer below: Low Price Profit for Company Y: $256, 000 Profit for Company X: $2,136,000 Profit for Company Y: $854,000 Profit for Company X: $854, 000
PLEASE ANSWER ASAP How do you differentiate Oligopoly from a Monopoly? And how can an oligopoly market earns its profit?
5. The Key feature of Oligopoly is interdependence – we saw this in both traditional models and using game theory. a. Explain why price can be very rigid for an oligopoly using the “Kinked Demand Model”: b. Explain how an oligopoly can simultaneously take one features seen for a monopoly and for perfect competition using the “Price Leader Model”: c. Describe how the Hirchmann Herfindahl Index (HHI) provides a more acquire measurement of market concentration than a simple Concentration Ratio like CR4: d. What is the actual dilemma in a “Prisoners’ Dilemma” type of game? e. What is the main reason why real-world Cartels have such a hard time function well?
Only typed answer 1. Why do oligopolies exist? A. A small number of firms have established barriers to entry using economies of scale, patents, and sheer size to prevent other firms from challenging them. B. The oligopolistic firms are created, run, and supported by the government. C. The members of an oligopolistic market are producing in the upward sloping range of their long run average cost curves.
What are the main characteristics of oligopoly? How does output and price compare to that of perfect competition? What are the main characteristics of oligopoly? How does output and price compare to that of perfect competition? View keyboard shortcuts EditViewInsertFormatToolsTable 12pt Paragraph
What is an oligopoly and how do firms behave and conduct themselves in this market structure? What are cartels and what is a really famous cartel in the oil industry? What is game theory and describe in detail the different games discussed in the textbook. What is the Nash Equilibrium and why is it so often the strategy chosen by a player?
Why Cooperation in the oligopoly (cartel) market cannot last long, what are the causes?
Oligopoly. An oligopoly is less competitive than a market with monopolistic competition. It has only a few sellers who produce either homogeneous or slightly differentiated products. There are steep barriers to entry in an oligopoly. Barriers can be artificial, as in the examples of patents, trademarks, copyrights, or regulation. Barriers can also be natural, as in the case of only a few firms controlling all the available resources that are critical to production. A market can evolve into an oligopoly if a few firms manage to capture economies of scale. An economy of scale is a savings, which results from the size ("scale") of the firm. Large firms can buy raw materials at bulk discount rates, for example. If a small handful of firms become low-cost producers, they will drive highercost producers out of business and create an oligopoly. Potential new entrants may be discouraged by the industry's high start-up cost. The few sellers in an oligopoly are interdependent. An action by one…
Which industry(ies) would be indicative of an oligopoly market structure? Check all that apply. A. A drug cartel B. The tobacco industry C. The corn industry D. The restaurant industry E. The grocery industry F. The crude oil industry G. The laundry detergent industry
Example what strategic interdependence means and how it applies to oligopoly market.
Typed plz and asap thanks