Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 17, Problem 1QCMC
To determine
The key feature of oligopoly market.
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Explain if excess profit will exist in the long run for an oligopolistic market.
The graph below shows a demand curve for a firm operating in an oligopolistic market.
Instructions: Enter quantities as a whole number. Round prices 2 decimal places.
a. What is the profit maximizing price and quantity when marginal cost is MC1?
The firm will produce units at a price of $ .
b. Suppose marginal cost increases to MC2, what is the profit maximizing price and quantity after marginal cost changes?
The firm will produce units at a price of $ .
What is the primary strategy used by firms in oligopolistic markets to maximize profits?A. Price competitionB. Quantity competitionC. CollusionD. Non-price competition
Chapter 17 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
Ch. 17.1 - Prob. 1QQCh. 17.2 - Prob. 2QQCh. 17.3 - Prob. 3QQCh. 17 - Prob. 1QRCh. 17 - Prob. 2QRCh. 17 - Prob. 3QRCh. 17 - Prob. 4QRCh. 17 - Prob. 5QRCh. 17 - Prob. 6QRCh. 17 - Prob. 7QR
Ch. 17 - Prob. 1QCMCCh. 17 - Prob. 2QCMCCh. 17 - Prob. 3QCMCCh. 17 - Prob. 4QCMCCh. 17 - Prob. 5QCMCCh. 17 - Prob. 6QCMCCh. 17 - Prob. 1PACh. 17 - Prob. 2PACh. 17 - Prob. 3PACh. 17 - Prob. 4PACh. 17 - Prob. 5PACh. 17 - Prob. 6PACh. 17 - A case study in the chapter describes a phone...Ch. 17 - Prob. 8PACh. 17 - Prob. 9PA
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- What are the characteristics of an oligopoly? Choose all that apply. A. One particular product or service has no substitute. B. A few large sellers exist. C. Only one seller exists. D. Products and services tend to be identical or similar.arrow_forwardA firm in an oligopolistic industry has the following demand and total cost equations: P = 600 - 20Q TC = 700 + 160Q + 15Q*2 Calculate: a. quantity at which profit is maximized b. maximum profit c. quantity at which revenue is maximized d. maximum revenue e. maximum quantity at which profit will be at least $580 f. maximum revenue at which profit will be at least $580arrow_forwardCompare an oligopolistic industry that has a great deal of communication among its members with an oligopolistic industry that has little communication and the firms want to maximize profits for themselves. The first industry will likely earn _________ profits and produce __________ output than the second industry. a. lower; moreb. higher; morec. lower; lessd. higher; lessarrow_forward
- Which of the following industries are examples of oligopolistic industries in the U.S.? Choose all that apply. A. pharmaceutical industry B. automobile industry C. utility providers D. telecommunications industryarrow_forwardBill's Salmon Supplier: Bill's Salmon Supplier sells fresh salmon to local seafood restaurants. Every morning Bill sails out to sea to catch salmon, and each afternoon he returns to sell his catch to local restaurants. There are hundreds of other fishers catching and selling salmon. Because the salmon Bill catches is just like the salmon caught by the other fishers, he can't raise his price. Choose the type of market structure: perfect competition, oligopoly, monopolistic competition, monopoly Type of Market Structure: Reason:arrow_forwardWhat is the primary difference between oligopolistic "coopetition" and cartel behavior? Group of answer choices A. Oligopolistic firms work together to set prices and cartels do not B. One firm has most of the power in oligopolistic coopetition, while cartels share power C. One firm has most of the power in a cartel, while oligopolistic firms share power D. Cartels work together to set prices and oligopolistic firms do notarrow_forward
- There are thousands of wheat farmers who produce and sell wheat and there are millions of consumers who use wheat and wheat products. What would the market for wheat be considered? Question 15 options: monopolistic perfectly competitive monopolistically competitive oligopolisticarrow_forwardIn comparing an oligopolistic firm to a perfectly competitive firm it is generally assumed that the price charged by the competitive firm will be higher than the price charged by the oligopolistic firm. True or False (Explain)arrow_forwardHow do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claimsarrow_forward
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