Nike, Reebok, Adidas, New Balance are popular brands of athletic shoes. Generally Nike and Adidas charges higher prices than the rest of the competitors. These two brands also charges a wide range of prices for the many models of sports shoes. This is because athletic shoe industry is classified under _________ market structure. Question 11 options: 1) pure monopoly 2) monopolistic competition 3) perfect competition 4) oligopoly

Market Structure and Market Power End of Chapter Problem - Indicate which market structure most accurately characterizes each of the following industries. Monopoly Oligopoly Monopolistic Competition Perfect Competition Answer Bank The wide-body civilian aircraft manufacturing industry The market for smartphones The dry cleaning industry The hotel industry Seattle City Light, the supplier of electricity to the Seattle metropolitan area

I need help with A and B

What are the key trade offs of imperfect competition?   Question 8 options:   The monopolistically competitive market structure fails to achieve allocative efficiency, but the firms all face perfectly elastic demand curves.   The monopolistically competitive market structure provides powerful incentives for innovation, but the strongest firms in a monopolistically competitive market become oligopolists.   The monopolistically competitive market structure allows firms to achieve economic profit in the short run, but the individual firms all face perfectly elastic demand curves.   The monopolistically competitive market structure provides powerful incentives for innovation, but they never achieve productive efficiency in the long run.

WataDine is one of a city’s many restaurants that serve breakfast, lunch, and dinner in a monopolistically competitive market. Assume that WataDine, as a restaurant in the city, is currently producing the profit-maximizing output level, and earns positive short-run economic profit. (a) How is monopolistic competition similar to each of the following market structures? (i) Perfect competition (ii) Monopoly (b) WataDine is currently earning short-run economic profits. Draw a correctly labeled graph for WataDine in short-run equilibrium and show each of the following. (i) The profit-maximizing quantity, labeled Qm (ii) The profit-maximizing price, labeled Pm (c) Given that WataDine is currently earning short-run economic profits, what will happen to each of the following in the long run? (i) WataDine's economic profit. Explain. (ii) WataDine's demand curve for its restaurant meals. (d) Assume WataDine is in long-run equilibrium. (i) Is WataDine taking advantage of its economies of scale?…

Table 17-4 Only two firms, ABC and XYZ, sell a particular product. The following table shows the demand curve for their product. Each firm has the same constant marginal cost of $8 and zero fixed cost. Price Quantity Total Demanded Revenue (Dollars per unit) (Units) (Dollars) 28 26 130 24 10 240 22 15 330 20 20 400 18 25 450 16 30 480 14 35 490 12 40 480 10 45 450 8 50 400 55 330 4 60 240 2 65 130 70 Refer to Table 17-4. If this market were perfectly competitive instead of oligopolistic, what quantity would be produced? а. 25 b. 50 С. 35 d. 70 O O O O

Explain the difference in market power between perfectly competitive firms and monopolistically competitive firms. Which firms have more control over prices and/or output? Why? What are some industry examples of each type of market structure?

Question 14 An oligopoly is a market structure, dominated by more firms than a monopolistic structure. False True

Figure: Profit Maximization for a Firm in Monopolistic Competition 10 Price per pair (S) Marginal cost X 9 8 7 6 4 3 2 1 0 0 10 Reference: Ref 15-2 Average cost 20 50 30 40 Pairs of gloves (in thousands) Demand Marginal revenue 60 70 80 90 100 In the long run, the monopolistically competitive firm with the cost and revenue curves shown in the graph above will be earning

Figure: Profit Maximization for a Firm in Monopolistic Competition Price per pair ($) 10 9 8 7 6 S 3 2 1 0 0 Reference: Ref 15-2 $80,000. $160,000. 10 $240,000. $120,000. Marginal cost The maximum total short-run economic profit of the firm with the cost and revenue curves that is shown in the figure above is Average cost 20 30 40 50 Pairs of gloves (in thousands) Demand Marginal revenue 60 70 80 90 100