••Start your discussion by responding to these questions using the company for which you currently work, a business with which you're familiar, or a dreambusiness you want to start:. With your selected business in mind, determine if it is perfectly competitive, monopolistic competitive, oligopolistic, or monopolistic. Explain how youdrew your conclusion about its market structure.How does the business/firm in this industry determine the price it will charge for the products or services it sells?Be sure to respond to at least one of your classmates' posts and share an insight or question you have about that business and its market structure.

Pricing StrategyDetermining Prices at Bean Bliss:1. Cost-Plus Pricing:One common pricing strategy is…

Answered: • • Start your discussion by responding…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2.Consider the markets for pizza delivery services in Vienna, hotel accommodation in Krems and train travel in Austria. Define the market types perfect competition, oligopoly / monopolistic competition and monopoly and classify the given examples accordingly. Explain your reasoning in a few sentences.
2. "The competition commission investigated the high data prices in South Africa in 2017. The report, which was presented two years later, found that the data services market is "highly concentrated" with a duopoly of the leading cell phone operators - MTN and Vodacom".Based on the paragraph given above, which of the statements is CORRECT?A. Highly concentrated market benefits consumers as they have many, many choices available to them.B. Highly concentrated market restricts consumer welfareC. Highly concentrated market is an excellent reason for government to reduce regulationD. Highly concentrated market increases consumer welfare
3. Explain why Oligopolistic market decisions are more difficult compare to other market structures? Use a local example to support your explanation.
(Figure: The Market for Designer Boots in Monopolistic Competition IV) Use Figure: The Market for Designer Boots in Monopolistic Competition. A positive economic profit will be earned if the profit-maximizing price is in panel Price, cost XXX G; (A) H; (B) (a) O I; (C) O F; (A) ATC Quantity (per period) Price, (b) cost ATC Quantity (per period) Price, (c) cost ATC Quantity (per period)
Question 8 of 14 Production and Costs: End of Chapter Problems 8. Consider the video game console and movie theater chain industries, both of which exhibit characteristics of monopolistic competition and oligopoly. a. A characteristic that makes both these markets monopolistically competitive is b. A characteristic that makes both these markets oligopolistic is Question Source: Chiang 4e - Economics Principles For A Changing World Publisher: Worth Publishe 10:59 PM a 44°F 12/13/2021 近

2. During your next trip to the supermarket (or you may need to make a special trip) find two examples of different goods for which the market is oligopolistic. Make certain that you have chosen a â€˜goodâ€™ and not a brand name. Remember that several brand names compete in a market. List all the brand names (or at least four brands if there are dozens) and the parent company for each brand name (check the package carefully so that you donâ€™t confuse brand names with the actual producer.) For each good, what is your evidence that this market is oligopolistic? (number of producers; shelf space give to each one; identical pricing.)
(12) Suppose all firms in a monopolistically competitive industry were merged into one large firm. Would that new firm produce as many different brands? Would it produce only a single brand? Explain.
7) How do Monopolistic Competition and Perfect Competition differ in terms of efficient use of resources, in the long run?
Question 26 If firms in a competitive price-searcher (monopolistic competitive) market are currently earning economic losses, then in the long run, new firms will enter the market, and the current firms will experience a decrease in demand for their products until zero economic profit is again restored. new firms will enter the market, and the current firms will experience an increase in demand for their products until zero economic profit is again restored. some existing firms will exit the market, and the remaining firms will experience an increase in demand for their products until zero economic profit is again restored. some existing firms will exit the market, and the remaining firms will experience a decrease in demand for their products until zero economic profit is again restored.
3. Is monopolistic competition efficient? Suppose that a firm produces wooden train engines in a monopolistically competitive market. The following graph shows its demand curve, marginal- revenue (MR) curve, marginal-cost (MC) curve, and average-total-cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. ? PRICE (Dollars per engine) 100 90 80 70 60 50 40 30 20 10 MC ATC MR 0 + Demand H 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of engines) Mon Comp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is True or False: This indicates…
4. What do monopolistic competitors rely on to attract buyers?

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