Which of the following goods or services are produced by oligopolists? Check all that apply. Cellular phone services Airline flights Haircuts Cars White socks

Analyze a Monopolistic Competition or Oligopoly Market Structure

There are four market structures: Perfect competition Monopolistic competition Oligopoly Monopoly Discuss the differences among these four market structures.

how do monopolies affect societys well being?

An oligopolist faces a kinked demand curve.   Why do firms face this situation?

Why does consumer surplus decline when monopolies are present?

The following graph shows the market for wheat in Canada, where Do is the demand curve, Sc is the supply curve, and Pw is the free trade price of wheat. Assume that Canada is a relatively small producer of wheat, so changes in its output do not affect the world price of wheat. Also assume that Canada is currently open to free trade, and domestic consumers are able to purchase wheat at the world price with negligible transportation costs. Suppose a subsidy of $80 per ton is granted to exporters in Canada, allowing them to sell their products abroad at prices below their costs. Assume that trade restrictions are also put in place in order to prevent domestic consumers from buying wheat abroad at the world price. Use the grey line (star symbols) to indicate the world price of wheat plus the subsidy on the following graph. Then use the black point (plus symbol) to indicate the price of wheat in Canada and the quantity demanded at that price. Finally, use the tan point (dash symbol) to…

If you play a game of monopoly with your family/friends or electronically. How do you: Discuss why you believe the game is named Monopoly rather than Oligopoly  Choose three of the following and explain how the game demonstrates the economics concepts as defined in the text. Capitalism Inflation  Markets Prices  Taxes  Economies of scale “The invisible hand of the market”  Government regulation

Explain if excess profit will exist in the long run for an oligopolistic market.

I understand how to compute the revenue but I'm stuck on computing the elasticity.