Please answer fast please help 1.2.3 1. If scale economies are substantial over a large range of output and only a fewfirms arise in the industry, we call such a market structure:a)differentiatedb) monopolistic competitionc) monopolyd) oligopolye) none of the above market structures2. 2. If scale economies are small and product differentiation is possible thenwhich market structure is able to arise?a) oligopolyb) monopolistic competitionc) monopolyd) perfect competitione) none of the above market structures3. The production of one unit of milk requires one unit of labor and one unit ofcapital. When 2 units of labor and 2 units of capital are employed in theproduction process, 3 units of milk are produced. This phenomenon is called:a) monopolistic competitionb) biased growthc) economies of scaled) product differentiatione) none of the above phenomenon

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Answered: 1. If scale economies are substantial…

1. If scale economies are substantial over a large range of output irms arise in the industry, we call such a market structure: a)differentiated b) monopolistic competition =) monopoly d) oligopoly

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please answer fast please help 1.2.3

1. If scale economies are substantial over a large range of output and only a few
firms arise in the industry, we call such a market structure:
a)differentiated
b) monopolistic competition
c) monopoly
d) oligopoly
e) none of the above market structures
2. 2. If scale economies are small and product differentiation is possible then
which market structure is able to arise?
a) oligopoly
b) monopolistic competition
c) monopoly
d) perfect competition
e) none of the above market structures
3. The production of one unit of milk requires one unit of labor and one unit of
capital. When 2 units of labor and 2 units of capital are employed in the
production process, 3 units of milk are produced. This phenomenon is called:
a) monopolistic competition
b) biased growth
c) economies of scale
d) product differentiation
e) none of the above phenomenon

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