questions 5 and 6 1. Which market structure(s) will have zero economic profits in the long run?The perfect competition market structure.2. Which market structure(s) will be a price maker and have barriers to entry?The monopoly market structure.3. There are currently 8 firms in a particular market. There firm sales are given in the table below. (1)What is the four-firm concentration ratio for this industry? (2) Would you classify it as an oligopoly?60%.4.Firm123456783.1 Four Firm concentration ratio= 71.43%3.2 You would classify it as an oligopoly because the concentration ratio is greater thanSales$1,000$1,500$2,000$2,500$3,000$1,000$500$2,500Airhough market structures vary widely in their characteristics, (1) what is one common aspectamong all of them? (2) What is the potential calculation for your previous answer (Answers in4.1)?4.1 One thing that all the market structures have in common is that they are all motivatedby the desire to make a profit and serve a sufficiently large consumer base.4.2 Only monopoly and oligopoly enterprises generate supernormal earnings, whereasmonopolistic competition generates supernormal profits in the short run. In perfectcompetition, economic profit is zero for most firms in the long run.5. In the long run, (1) which market structures are likely to have their average cost curve just sit ontop of their demand curve? (2) What does this imply for each market structure? (3) Are there anydifferences in the market structures you gave in your previous answer?5.16. What market structure(s) are likely to cause a net loss to societal welfare?

The Long run is the time period when all aspects of production are variable and can therefore be…

5. In the long run, (1) which market structures are likely to have their average cost curve just sit on top of their demand curve? (2) What does this imply for each market structure? (3) Are there any differences in the market structures you gave in your previous answer? 5.1 6. What market structure(s) are likely to cause a net loss to societal welfare?

5. In the long run, (1) which market structures are likely to have their average cost curve just sit on top of their demand curve? (2) What does this imply for each market structure? (3) Are there any differences in the market structures you gave in your previous answer? 5.1 6. What market structure(s) are likely to cause a net loss to societal welfare?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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