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- #4. If network externalities exist in an industry, the ________ firm to enter the market is often the one that succeeds in dominating the industry. a. first b. second c. third d. fourth e. fifthIf you were developing a product (like a web browser) for a market with significant barriers to entry, how would you try to get your product into the market successfully?Suppose that, due to a successful advertising campaign, a monopolistic competitor experiences an increase in demand for its product. How will that affect the price it charges and the quantity it supplies?
- 6. Consider two ice cream sellers competing at a beach that is 1000 metres long. Ice cream prices are fixed by the ice cream company, but companies can choose their locations simultaneously. Customers are located uniformly (spread out evenly on the beach) and do not like walking. The cost of walking every metre is the same (i.e. linear cost). a) Where will the ice cream stands be located in the Nash equilibrium if the locations are chosen simultaneously? b) What are the socially optimal locations, i.e. the best from society’s point of view that minimise transportation cost? Are the locations in the Nash equilibrium different from the socially optimal locations? Explain. c) Suppose there are three ice cream sellers that locate simultaneously. Find the Nash equilibrium is there is one. Else, explain why there is none. (Focus on pure strategy Nash equilibria)Suppose you’re operating one of only two coffee shops in town. Assume that both coffee shops produce identical coffee so that customers only care about the price. That is, you’re engaged in Bertrand competition. If you know that the other coffee shop charges $5 for a 16oz coffee, what price should you set for your 16oz coffee? Question 22Answer a. $4.99 b. $5.01 c. $5.00 d. $6 e. $4Use Table 11.5 to calculate the four-firmconcentration ratio for the U.S. auto market. Does thisindicate a concentrated market or not?
- 1. The information below sets out the estimated market shares for the cellular phone manufacturing market. Based on this information, the four-firm concentration ratio is: A. 65 B. 68 C. 70 D. 73 2. Based on the concentration ratio in the previous question, the cellular phone market is most likely an example of: A. Perfect competition B. Monopoly C. Monopolistic competition D. Oligopoly 3. When deciding whether to allow two large firms to merge, which of the following conditions has the government imposed most often? A. The new firm must lower prices. B. The new firm must open a new factory. C. The new firm must hire more workers. D. The firms must sell off parts of the businesses so the new firm will not be quite as large.1. In the monopolistic competition model, a firm's (using a technology with increasing returns to scale as described in class) average costs of production depend on ______? 2. If a firm (using a technology with increasing returns to scale as described in class) charges a price equal to ________, then profit will be ________. 3. The linear demand curve for the monopolistic competition model implies that if a firm's price is _______ the industry average, its quantity sold will be ______ the industry average.Exercise A.5 Consider a company with market power that sells its product to two distinct consumer groups (type 1 consumers and type 2 consumers). Graphically illustrate the following situation: "if you charge a single price only consumers of type 1 will be able to buy the product but, if you charge differentiated prices, the two types of consumers will be able to buy it"
- 3 The options are oligopoly, monopolistic competition, pure monopoly, and perfect competition2. Is a monopolistically competitive firmproductively efficient? Is it allocatively efficient? Whyor why not? 3. What stops oligopolists from acting together asa monopolist and earning the highest possible level ofprofits?please help me 1.Explain what market inefficiencies derive from monopolies and monopolistic competition. 2.How do firms in an oligopolistic market set their prices? 3.Explain how firms that compete in the four different market structures determine profitability. 4. As a future buisness owner Insert your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner if you had one for your future business venture.