Economics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280595
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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Chapter 13, Problem 9DQ
To determine
The reason for the existence of highly concentrated industries.
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Chapter 13 Solutions
Economics: Principles and Policy (MindTap Course List)
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- How much market power do you think that most firms enjoy? This is an important question as you reflect on your own experience and understanding of firms that you have interacted with.arrow_forwardDifferentiate between the following terms. Nationalisation and privatisation.arrow_forwardPick an industry where there is a dominant firm. Assume that you are the CEO of that firm. What specific measures would you take to deter entry, if any?arrow_forward
- Consider the local music scene in your area. Name some of the local live bands that play in clubs and music halls, both on and off-campus. Look in your local newspaper for advertisements for upcoming shows or performances. How would you characterize the market for local musicians? Is there product differentiation? In what specific ways do firms (individual performers or bands) compete? To what degree are they able to exercise market power? Are there barriers to entry? How profitable do you think the musicians are?arrow_forwardSuppose the industry has six firms. Four firms have sales of Php 10 M each, while the other two have sales of Php 5 M each. The four firm concentration ratio is” A. 0.90 B. 0.80 C. 0.70 D. 0.60 E. No correct answerarrow_forwardIn recent years in the brewing industry, a couple of large firms that have historically had most of the beer sales (Anheuser-Busch and Miller) have faced competition from many small “micro” brands. In terms of the continuum of competition, how would you explain this change?arrow_forward
- Do not use chatgpt.arrow_forwardReasons why intellectual property laws might hinder innovation in some cases?arrow_forwardWhich of the following are examples of how patents are not always a perfect way to encourage innovation: Group of answer choices patents in the U.S. do not last very long. it is very expensive to apply for a patent not every new idea can be protected with a patent or copyright.arrow_forward
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