1. How might advertising make markets less competitive? How might it make markets more competitive? 2. Explain two benefits that might arise from the existence of brand names. 3. If the oligopoly members agree on a total quantity to produce, what quantity would they choose? Why?
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- 1. Explain what will happen if firms in a monopolistically competitive industry are earning positive economic profits. 2. Explain how the prisoners' dilemma can be used to examine pricing strategies in an oligopoly.I need help with the following questions 1. How do monopolistically and competitive markets differ from perfectly competitive markets? If monopolistically competitive firms are making economic profits in the short-run, what happens in the long-run? 2. Example what strategic interdependence means and how it applies to oligopoly market.Do the following industries more closely resemble a Monopolistic Competition market and / or an Oligopoly? ? 1. 3 major companies make up the game console market ? 2. Laurie is looking for travel insurance and found only 2 companies that offer it 3. Marcella can take her car for repair to many mechanics in the area, but some offer more reliable service A. Monopolistic Competition B. Oligopoly
- 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.9. Why are the actions of firms interdependent in an oligopoly market but not in a monopolistically competitive market?Feve *747 NEW Q1 Which of the following characterize oligopoly markets? Workshop week 9 Maximizing profit under imperfect competition: monopolistic competition and oligopoly. vlogonom a. Non price competition b. Perfect information c. Only a few firms competing. d. Identical products fro A and c B and d A, b, and d B, c, and d i. ii. iii. iv. C. d. 7 Q3 In an oligopoly a. b. UCLan Centr Unive Q2 Firms in monopolistic competition can achieve product differentiation by a. Exploiting economies of scale in production b. B advertising special characteristics c. Expanding plant size d. Setting the price equal to average revenue muzzs on to amor nie! bns binen woy 06) (s muzza arts to smoa nisiqxs has sman woy ns) (d pshoq to 6 zl jsil (8 sriw.nl (d toshaq ont 916 tedW (d 916 16W (6 916 1pW (d The largest four firms are likely to have a small market share. The price is likely to equal marginal revenue. Firms will continue to produce in the long run if price is less than average cost. Firms…
- Which of the following statements explain why governments are usually more concerned about regulating an oligopoly than a monopolistically competitive market? multiple choice a. Oligopolies are more common than monopolistically competitive markets. b. Oligopolies are always more inefficient than monopolistically competitive markets. c. Oligopolies can never collude for very long, and will eventually compete away its profits without government intervention. d. Oligopolies are even more inefficient than monopolies.18. Refer to Figure 18-1. If the shop charges $150 per repair, then what is the value of the marginal product of the second mechanic? 19. Refer to Figure 18-1. What is the marginal product of the third mechanic? 20. Why are the actions of firms interdependent in an oligopoly market but not in a monopolistically competitive market?5. Oligopoly terminology Suppose three companies, Optimax, Megachug, and Thirstoid, dominate the sports drink market. Optimax enjoys the largest market share. Each time Optimax changes the price of its sports drink, the other two firms match its price. This is an example of: a. a price war b. price leadership c. a cartel
- Which of the following apply to oligopoly industries? Select one or more answers from the choices shown. a. A few large producers. b. Many small producers. c. Strategic behavior. d. Price taking.Question 20 In the market for a brand name medicine with a single company selling the medicine, that company is a_______Eventually, the government lets other companies sell the medicine as a "generic" alternative to the brand name. The effect of this increased competition is to_______ the medicine's price.O. monopoly, decreaseO. oligopoly, decreaseO. monopoly, increaseO. oligopoly, increaseWhich of the following would most likely create the setting for an Oligopoly ? A. The government grants T'Challa and Nakia a patent for their respective vibranium-based electric car batteries. B. Market Demand is two or more times less than the quantity needed to produce at the minimum of the Average Cost Curve. C. Market Demand is two or more times greater than the quantity needed to produce at the minimum of the Marginal Cost Curve. D. Insumountable technological difficulty associated with producing similar products serves as an effective Barrier to Entry. E. All of the Above