6) Which of the following market types has the fewest number of firms? A) perfect competition C) monopolistic competition B) monopoly D) oligopoly
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- Question 6 A monopolistically competitive industry is characterized by... Group of answer choices many firms selling products that are similar but not identical. many firms selling identical products. a few firms selling products that are similar but not identical. a few firms selling highly different products.Which market has market power or not and is it good to have market power or not: 1- competitive market: 2-monopoly : 3-monopolistic competition : 4-oligopoly:Question 8 Which of the following statements about oligopolies is NOT correct? Group of answer choices Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal revenues. Oligopolistic firms are interdependent in a way that competitive firms are not. The actions of any one seller can have a large impact on the profits of all other sellers. An oligopolistic market has only a few sellers.
- QUESTION 7 An oligopoly is a market with only a few sellers, each offering a similar or identical product. True FalseQuestion 1a. With the aid of a diagram explain how a monopolist determines how much output to produce and what price to charge. b. Explain how the perfectly competitive firm decides whether to operate or shut down in the short run. c. Explain why firms operating in monopolistically competitive markets probably will not earn an economic profit in the long run. d. Why does interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition? Question 2a. A producer borrows money and starts a business. He himself looks after the business. Identify implicit and explicit costs from this information. Explain. b. List and explain which of the following is a fixed cost or a variable cost for Caribbean Airlines. i. The cost of fuel used in its planes. ii. The rent on its Piarco headquarters. iii. The lease payments on its current inventory of jets. iv. The cost of peanuts it serves to passengers. v. The salary paid to the Chief Executive Officer. c.…QUESTION 12 A firm that is the sole seller of a product without close substitutes is a. perfectly competitive b. monopolistically competitive c. a monopolist d. an oligopolist
- 28. A town in India has three Milk producing companies. The owners of these milk companies make decisions together about when to raise and lower milk prices. It would be difficult for another milk company to enter this market. Which market structure best describes this market? a. Monopoly b. Oligopoly c. Perfect competition d. Monopolistic competitionQuestion 1 -Explain why firms operating in monopolistically competitive markets probably will not earn an economic profit in the long run. - Why does interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition?Question 1b Explain the characteristics monopoly, oligopoly, monopolistic and perfect competition markets
- How to maximize profits In: 1- competitive market: 2-monopoly : 3-monopolistic competition : 4-oligopoly:With the aid of a diagram explain how a monopolist determines how much output to produce and what price to charge. b. Explain how the perfectly competitive firm decides whether to operate or shut down in the short run. c. Explain why firms operating in monopolistically competitive markets probably will not earn an economic profit in the long run. d. Why does interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition? Question 2a. A producer borrows money and starts a business. He himself looks after the business. Identify implicit and explicit costs from this information. Explain. b. List and explain which of the following is a fixed cost or a variable cost for Caribbean Airlines. i. The cost of fuel used in its planes. ii. The rent on its Piarco headquarters. iii. The lease payments on its current inventory of jets. iv. The cost of peanuts it serves to passengers. v. The salary paid to the Chief Executive Officer. c. How is…Why do oligopolies exist? Group of answer choices 1-A small number of firms have established barriers to entry using economies of scale, patents, and sheer size to prevent other firms from challenging them. 2-The members of an oligopolistic market have signed agreements that divide the market such that no other firms will be able to achieve their level of profits. 3-The oligopolistic firms are created, run, and supported by the government. 4-The members of an oligopolistic market are producing in the upward sloping range of their long run average cost curves.