Question 3   “In the meat market in US, there are 4 major meat corporations which have been accused of conspiracy to raise meat prices.  After a four-year legal battle, it’s unclear whether court settlements will discourage future collusion.”   a) What is the market structure described above? Discuss THREE (3) characteristics of this market structure.     b) Explain the meaning of collusion. What are its implications to the industry? Is collusion permitted in most countries?     c) State ONE (1) advantage and ONE (1) disadvantage of this market structure.

Answer the second part

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25: What are the Characteristics of a Oligopoly Market? 26: What are the Characteristics of a Monopoly Market? 27: What are Intellectual Property Rights?

J Copyright © McGraw-Hill Education. Permission is granted to reproduce for classroom use. NAME DATE CLASS Math Practice for Economics Comparing Prices among Competitors networks Background information: The candy industry in the United States could be defined as an oligopoly because just three companies make 99.4% of snack size chocolates. The big three companies are Hershey's, Mars, and Nestle. All three companies use much of the same ingredients, so how do they compete against one another? This is primarily done through price. Directions: The two tables below show what a snack size chocolate costs from the various candy makers, big and small. Read the table below. Then, answer the following questions using the information in the table. 110 ct bag $18.12 = 16 cents each Walmart Amazon Hershey's 215 ct. bag $13.88 = 6 cents each 100 ct. bag $12.81 = 13 cents each Mars 230 ct. bag $13.88 = 6 cents each Nestle 70 ct. bag $8.98 = 13 cents each 55 pc. Bag $17.96 = 33 cents each Candy…

Suppose there are two distinct industries - (1) the fast-food industry and (2) the sporting goods industry. Classify each industry into one of the following market structures. (Minimum word requirement: 100 words) Perfect competition Monopoly Monopolistic competition Oligopoly