Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 10, Problem 4P
To determine
The various sources of oligopolies
Concept Introduction:
Oligopoly refers to a market which is dominated by a small number of large sellers (oligopolists). Oligopoly has its own market structure.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
1. compare the quantity and price of an oligopoly to those of a monopoly
2. compare the quantity and price of an oligopoly to competitive market
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.
06
Knowledge Booster
Similar questions
- Subject: Manegerial economics & policy Why government sometimes protect monopolies from competition?arrow_forwardJ Copyright © McGraw-Hill Education. Permission is granted to reproduce for classroom use. NAME DATE CLASS Math Practice for Economics Comparing Prices among Competitors networks Background information: The candy industry in the United States could be defined as an oligopoly because just three companies make 99.4% of snack size chocolates. The big three companies are Hershey's, Mars, and Nestle. All three companies use much of the same ingredients, so how do they compete against one another? This is primarily done through price. Directions: The two tables below show what a snack size chocolate costs from the various candy makers, big and small. Read the table below. Then, answer the following questions using the information in the table. 110 ct bag $18.12 = 16 cents each Walmart Amazon Hershey's 215 ct. bag $13.88 = 6 cents each 100 ct. bag $12.81 = 13 cents each Mars 230 ct. bag $13.88 = 6 cents each Nestle 70 ct. bag $8.98 = 13 cents each 55 pc. Bag $17.96 = 33 cents each Candy…arrow_forwardQuestion 1 Which view regarding oligopolies argues that oligopolies should not be broken up because they provide benefits, which do not exist in a more decentralized market? A. the Antitrust view B. the Do-nothing view C. the Regulation view D. none of the above Question 2 Which of the following are characteristics of a perfectly free economy? A. There are numerous buyers and sellers, none of whom has a substantial share of the market. B. All buyers and sellers can freely and immediately enter or leave the market. C. Every buyer and seller has full and perfect knowledge of what every other buyer and seller is doing, including knowledge of the prices, quantities, and quality of all goods being bought and sold.D. All the above Question 3 When companies get together to fix prices, the result is __________.A. a consortium of suppliers B. an oligopoly C. a monopoly D. none of the above Question 4 In a monopoly, how many sellers are there? A. There is a relatively small number of large…arrow_forward
- What are businesses or industries in the Philippines are examples of oligopoly?arrow_forward2. Which is a better market structure, Monopoly or Oligopoly? Why?arrow_forward26. Market Model: A publishing company own the U.S. copyright to a popular series of books. It is the only company with the legal right to publish these books in the United States. * 5 (1 Point) Oligopoly Perfect Competition Oligopoly Monopolistic Competition Monopolyarrow_forward
- Barriers to entry may lead to: A. monopoly only B. perfect competition only C. oligopoly only D. monopoly or oligopolyarrow_forward17. Market Model: In a major metropolitan area, one chain of coffee shops has gained a large market share because customers feel its coffee tastes better than several of its competitors'. * 5 (1 Point) Oligopoly Perfect Competition Oligopoly Monopolistic Competition Monopolyarrow_forwardQuestion1 Next time you are shopping at the supermarket (or imagine you are there), what is a good example of a good (not a brand name) that is sold in an oligopoly market? What is the good? What are the major manufacturers (be sure to turn the package over so you are now confusing brand names with the manufacturer)? Which characteristics of an oligopoly market are shown here (few dominant producers; identical prices; high barriers to entry)?arrow_forward
- 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 Paragrapharrow_forwardmedia economics course Question #1: A lot of media regulation is geared towards areas such as content (protecting children) and ownership. Why are these two areas so important, and how do they differ around the globe? Question #2: What is censorship, and why do some governments openly engage in censorship involving the media industries? In what ways will this continue to play a role in media and economics? Question #3: The Internet has raised a number of legal issues since its development. One hot issue in the 21st century is that of net neutrality. What is net neutrality, and what are the two main opposing views on the topic? Where do you stand on the subject of net neutrality? Question #4: What's the role of advertising in today's media economics? What are some policies involving advertising within the media landscape, especially within economics? Question #5: Define content regulation and its role in today's media economics? In what ways will content regulation shape the media…arrow_forwardanswer quicklyarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co