Q2. Which model's equilibrium price and quantity most closely matches perfect competition? a. Bertrand Competition with Identical Goods b. Stackelberg Duopoly c. Monopolistic Competition d. Cournot Oligopoly

Which market structure shown below would be expected to maximize consumer surplus? A. Monopoly B. Oligopoly C. Perfectly Competitive

Match each letter with one answer choice

) Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)     Output TC (£) AC (£) MC (£) 0 1 2 3 4 5 6 7 8   9 10 55 85 110 130 160 210 280    370 480  610 760 – 85 55  43.33 40 42 46.66 52.80 60   67.77 76                30 25 20 30 50                   70   90 110                     130                       150   How much is total fixed cost at: (i)      an output of 0? ................................................................................................................. (ii)     an output of 6? .................................................................................................................   How much is average fixed cost at: (i)      an output of 5? ................................................................................................................. (ii)     an output of 10?…

Match each concept with its corresponding definition:- Pure and perfect competition. Imperfect competition. The monopoly. The oligopoly. Monopolistic competition. Barriers to entry into an industry. A. All restrictions that do not allow the company to produce a certain type of production. B. A type of market where several companies sell a standardized or differentiated product with limited ability to control prices, having high barriers to enter the market and considerable restrictions on access to the economic information. C. A type of market where many companies produce and sell standardized products, there are no barriers to entry into the industry, one has free access to economic information and none of these companies is powerful to influence (increase or decrease) the market price. D. A type of market in which there are one, several or a considerable number of companies in the industry that control the price level in a certain way; on the other hand, there are barriers to entry…

IATA (the International Air Transport Association) is an example of : Select one: a. Price leadership model. b. Perfectly competitive firms. c. An oligopoly. d. Monopoly.

Since products are differentiated in_____ each firm faces a downward sloping demand curve, and firms have limited market power.  a. Monopoly  b. Perfect Competion  c. Oligopoly  d. Monopolistic Competetion  e. All of the Above

Compare the characteristics of monopolistic competition (MC) and oligopoly (O) based on the following: Questions: 1. Barriers to entry. 2. Profit in the long-run. 3. Shape of demand curve. 4. The relationship between P and MR (P is equal, below, or above MR). 5. The ATC point at profit maximising output (minimum ATC or not minimum ATC). Clearly label each of your answers in the text box below.

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