w can incumbents legally erect entry barriers around novel and non-obvious products or production processes? Question 10Select one: a. Collusive pricing b. Predatory pricing c. Patents d. Formation of a cartel e. Price fixing
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- Price The graph below depicts the market demand curve faced by a hypothetical cartel operating in the US. Use the graph to highlight the area that represents the profits earned by the cartel. 100 90 80 70 60 50 40 30 20 10 0 0 D B Profit C A Marginal cost average cost Market demand Marginal revenue 1000 2000 3000 4000 5000 6000 7000 8000 900010000 Quantity If the US government decides to break up the cartel. Which of the following pieces of legislation could the cartel be prosecuted under? The Sherman Antitrust Act The First Amendment The Dodd Frank Act The Glass Stegall ActQuestion: answer the images in a short run monopolist will shut down when? a natural monoploy is most likely to occur in the market when?Network Externalities A. Explain why switching costs fall as the size of a network increases B. Are the service industry equivalent of natural monopolies in good producing industries C are more important in the short run than in the long run D help explain why monopolies often do not last very long E can explain the dominance of existing firms in some industries
- Which of the following is not an artificial barrier to entry into a monopoly market? Answers: A. Patent B. Economies of scale C. Legal harassment D. Bundling productsWhich of the following is not a barrier to entry? Select one: a.Licensing b.Large set up costs c.Long run increasing average costs d.Patent laws e.Economies of scale1. Explain how a monopolist chooses the quantity of output to produce and the price to change. 2. Why is a monopolist's marginal revenue less than the price of its good? Can marginal revenue ever be negative? Explain. 3. Describe the ways policymakers can respond to the inefficiencies caused by monopolies. List a potential problem with each of these policy responses.
- Which market has market power or not and is it good to have market power or not: 1- competitive market: 2-monopoly : 3-monopolistic competition : 4-oligopoly:i A monopoly can be identified by a few traits that distinguish it from other market systems. Identify the reasons a monopoly firm sets prices in microeconomics. ii. Monopolistic opponents said that the monopoly power would have a negative social impact. Tell us why. iii Describe THREE (3) qualities or conditions of the perfectly Competitive market structure. A perfectly competitive market has the opposite characteristics or conditions from a monopolistic market.The graph below represents sales per week of ABC Inc. Ltd, a monopoly multinational enterprise that supplies Hi-tech components. Use the graph to answer the questions that follow. "image" i. State the elasticity of the monopoly firm demand curve. ii. Considering the figure, examine the benefits of the characteristics of themonopoly demand curve to ABC Inc. Ltd. iii. Suppose the demand and cost curves result in ABC Inc. Ltd earning aneconomic profit. Do you think ABC Inc. Ltd firm will earn profit in the longrun? Explain your answer. Assume all factors constant. iv. Examine the effects of ABC Inc. Ltd on consumers.
- Which of these situations is likely to produce a monopoly market structure? Group of answer choices a. Patent b. New design c. Great advertising d. Could be either a patent, new design or great advertisingQuestion 1a. With the aid of a diagram explain how a monopolist determines how much output to produce and what price to charge. b. Explain how the perfectly competitive firm decides whether to operate or shut down in the short run. c. Explain why firms operating in monopolistically competitive markets probably will not earn an economic profit in the long run. d. Why does interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition? Question 2a. A producer borrows money and starts a business. He himself looks after the business. Identify implicit and explicit costs from this information. Explain. b. List and explain which of the following is a fixed cost or a variable cost for Caribbean Airlines. i. The cost of fuel used in its planes. ii. The rent on its Piarco headquarters. iii. The lease payments on its current inventory of jets. iv. The cost of peanuts it serves to passengers. v. The salary paid to the Chief Executive Officer. c.…With the aid of a diagram explain how a monopolist determines how muchoutput to produce and what price to charge. b. Explain how the perfectly competitive firm decides whether to operate or shutdown in the short run. c. Explain why firms operating in monopolistically competitive markets probablywill not earn an economic profit in the long run. d. Why does interdependence of firms play a major role in oligopoly but not inperfect competition or monopolistic competition?
