ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
Which of the following market structures has the fewest number of large firms?
a.
Monopolistic competition
b.
Perfect competition
c.
Monopoly
d.
Oligopoly
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- I need only answer no need explanation Question 1 A kinked demand curve: Select one: a. has a steep section above the business's original price b. is faced by monopolistic competitors c. has three segments d. has a flat section below the business's original price e. is typical of rival oligopolists Question 2 The shape of the demand curve faced by an individual business in a perfectly competitive market is the result of: Select one: a. mutual interdependence b. advertising c. the business's inability to affect price d. the sale of a product that is distinct from others e. existing entry barriers Question 3 A business will maximize profits at the output at which: Select one: a. the difference between marginal revenue and price is at a maximum b. the excess of total revenue over total cost is greatest c. price exceeds average cost by the largest amount d. total revenue and total cost are equal e. the excess of total cost over total revenue is greatest Question 4 A monopolistic…arrow_forwardWhat are the characteristics of an oligopoly? Choose all that apply. A. One particular product or service has no substitute. B. A few large sellers exist. C. Only one seller exists. D. Products and services tend to be identical or similar.arrow_forwardAnsarrow_forward
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- Local gas stations in cities are an example of: A. monopoly firms B. monopolistic components C. oligopoly firms D. perfectly competitive E. monopolistic competitionarrow_forwardexplain this topic Perfect Completion, Monopolistic Competition, Oligopoly, Monopoly.arrow_forwardWhich market structure shown below would be expected to maximize consumer surplus? A. Monopoly B. Oligopoly C. Perfectly Competitivearrow_forward
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