an individual was studying the economic policies designed to stimulate the country’s economy out of a recession they would be a Select one: a. microeconomist. b. macroeconomist. c. business manager.

an individual was studying the economic policies designed to stimulate the country’s economy out of a recession they would be a Select one: a. microeconomist. b. macroeconomist. c. business manager.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter9: Competition And Monopolies

Section9.2: Monopoly, Oligopoly, Monopolistic Competition

Problem 1R

See similar textbooks

Related questions

Q: 11. A key to business success is to decide in advance how to respond to the issues that underlie…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: 7) Which of the following is not a characteristic of perfect competition…

A: The measure that depicts the way in which entities are being classified and differentiated on the…

Q: 1. In oligopoly a.) firms compete with each other only by raising and lowering quantity because…

A: In the oligopoly market structure there are few firms which have large market share. There is…

Q: 1- competitive market: 2-monopoly : 3-monopolistic competition : 4-oligopoly

A: An example of competitive market could be the agricultural produce in a region. In countries like…

Q: 7. The economic policy of "laissez-faire" is based on O the idea that competitive markets may not…

A: Laissez-Faire Economics: The Laissez-Faire economy is the free economy in which individuals are free…

Q: Subject: Manegerial economics & policy Mcq's 14) A petroleum industry is an example of…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following is correct about a monopsonistic market? A-Resources are efficiently…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: A. What is meant by the change in the quantity demanded and the change in demand support your answer…

A: Hi Student, Thanks or posting the question. As per the guideline, we are providing answer for the…

Q: 1. A general rise in the level of prices is called a. free enterprise. b. inflation. c. gross…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 20. Market Model: There are hundreds of high school students in need of economics tutoring services.…

A: Market structure can be classified into four types namely perfect competition, monopoly,…

Q: Question 1.1. Mutual interdependence would tend to limit control over price in which market model?…

A: In an economy, there are different forms of markets such as perfect competition, monopoly market,…

Q: Explain the characteristics monopoly, oligopoly, monopolistic and perfect competition markets

A: The number of firms in a market, the similarity of the products they sell, and the ease of entering…

Q: Question:What market structure has a TR that is equal to the 45 degree line? -pure -monopoly…

A: Perfect competition is the market structure where there are many sellers in the market with each…

Q: please help me 1.Explain what market inefficiencies derive from monopolies and monopolistic…

A: Due to monopolies,prices are raised to a greater extent.This causes inefficiencies in the market by…

Q: 4. Consider the case of global environmental problems that spill across international borders as a…

A: The benefits, cost & the total payoff can be mentioned as:

Q: Why might governments seek to regulate monopolies? A. Most monopolies are created through corrupt…

A: A monopoly market is one in which there is only one vendor of a commodity who is not competing with…

Q: 6) Which of the following market types has the fewest number of firms? A) perfect competition C)…

A: # Out of all the market structures few markets have large number of buyers and sellers. Some has…

Q: 23. Market Model: Only three airlines fly from Jacksonville to Paris, France. No new airline will…

A: 23. In the given information it is stated that there are only three airlines fly from Jacksonville…

Q: Show a Monopoly earning super normal profit and explain what are the costs of having monopoly in the…

A: Introduction- A firm which is the only seller of its product and has no close substitutes in the…

Q: Which of the following statements is true? a Examples of market failures are natural monopolies,…

A: a. A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: Questions 1. What steps did Microsoft have to take to develop products that are customized to Indian…

A: Traditionally, Microsoft began developing the one-size-fits-all strategy at home and applied it…

Q: 1.The wise use or utilization of money and time. a. Eng'g. Economics b. Business c. Investment d.…

A: 1. The wise use or utilisation of money and time is - c. Investment

Q: Match the terms on the left with the definitions in the column on the right (use alphabet to match…

A: Meaning of Market: The term market refers to the situation under which there occur various…

Q: Question 4: Monopolists, Competition & Externalities The production of electricity creates a lot of…

A: Since you have posted a question will multiple subpart we will solve first three part for you if you…

Q: K Airline has determined that the price elasticity of demand for two customer segments (a Customer…

Q: 19. Match each statement with the appropriate market structure: A. Competitive Market B. Monoplistic…

A: There are different structures with different types of goods sold, barriers to entry, and number of…

Q: Barriers to enter the market in : 1- competitive market: 2-monopoly : 3-monopolistic competition :…

A: In a perfect competitive market, there are number of buyers and sellers, selling similar products.…

Q: Question 1.1 Mutual interdependence would tend to limit control over price in which market model?…

A: Imperfect market structures are those markets where individual firms have the power to influence the…

Q: What steps did Microsoft have to take to develop products that are customized to Indian consumers?…

A: Following are the steps taken by Microsoft in developing products customized according to the Indian…

Q: xplain the difference between and the economic relevance of fixed costs, sunk costs, variable costs,…

A: a. 1) Fixed Cost- FC remains same irrespective of the amount produced. It is not related to the…

Q: Why government sometimes protect monopolies from competition?

A: Introduction Monopoly. It refers to the Market where only single seller and many numbers of buyers.

Q: Question 4: The main criticism that economists have about monopolies is that a monopoly produces too…

A: In a monopoly profit is maximalist at a point where marginal revenue is equal to marginal cost and…

Q: Is the market efficient or not? Why? 1- competitive market: 2-monopoly : 3-monopolistic competition…

A: The four different market structures in an economy are perfectly competitive market, monopoly,…

Q: Which of the following market types has all firms selling products so identical that buyers do not…

A: The markets in every economy caters to different goods, and services, and these markets have…

Q: town in India has three Milk producing companies. The owners of these milk companies make decisions…

A: In Economics, market structures represent how different firms are classified based on the nature of…

Q: Question 1 Which view regarding oligopolies argues that oligopolies should not be broken up because…

A: An oligopoly refers to a market structure in which there are few firms interdependent on each other…

Q: (b) Based on the following conditions compare pure competition, pure monopoly, monopolistic…

A: * ANSWER :- *(b) * (i) All the market structure maximize their profit at MR=MC but monopoly is the…

Q: Compare and contrast the oligopoly and monopolistic competition market structures

A: Meaning of Monopolistic Competition: The term monopolistic competition refers to the situation…

Question

(5) The largest cattle rancher in a given region will be unable to have a ________ when sufficient numbers of smaller cattle ranchers provide sources of competition.

Select one:

a. monopolistic competitive advantage

b. oligopoly

c. monopoly

(6) If an individual was studying the economic policies designed to stimulate the country’s economy out of a recession they would be a

Select one:

a. microeconomist.

b. macroeconomist.

c. business manager.

Definition Definition Form of market structure in which there are a large number of sellers of a particular product, with each seller selling somewhat differentiated but close substitutes to the product sold by other sellers. Features of monopolistic competition include: Large number of buyers and sellers Differentiated products Free entry and exit of the firms in the market

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Explain the market structure continuum? Select one: a) Oligopoly-Pure Monopoly-Pure Competition-Monopolistic Competition b) Pure Monopoly-Monopolistic Competition-Oligopoly-Pure Competition c) Monopolistic Competition-Oligopoly-Pure Competition-Pure Monopoly d) Pure Competition-Oligopoly-Pure Monopoly-Monopolistic Competition e) Pure Competition-Monopolistic Competition-Oligopoly-Pure Monopoly
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:
Is the market efficient or not? Why? 1- competitive market: 2-monopoly : 3-monopolistic competition : 4-oligopoly:
Suppose, Pfizer Company is the only company allowed by the Sultanate government to sell COVID vaccine in Oman. According to you, what type of market Pfizer Company is having in Oman? a. Monopoly market b. Monopolistic market c. Competitive market d. Oligopoly market
Discuss it in your own understanding and then give example each of the following: Tangible and Intangible Market Structure ( Perfect Competition,Monopoly Competition and Oligopoly Competition) Price and Production Local and National market Consumer and Producer goods Demands Law of demand Utility and Demand
The task to complete is to create a market scenario for a branded handbag. (You can google handbags and come up with hundreds!): Name the company and describe one of its "signature" handbags. - Draw the monopolistic competition market model for that company showing a profit. 1. Do you think that the United State's economic system is best described by a perfectly competitive dynamic or best described by a monopoly dynamic where there are forces that exclude entry into markets or by a monopolistic competition dynamic with some power to exclude entry but mainly a market of differentiation?
Question 1 Which view regarding oligopolies argues that oligopolies should not be broken up because they provide benefits, which do not exist in a more decentralized market? A. the Antitrust view B. the Do-nothing view C. the Regulation view D. none of the above Question 2 Which of the following are characteristics of a perfectly free economy? A. There are numerous buyers and sellers, none of whom has a substantial share of the market. B. All buyers and sellers can freely and immediately enter or leave the market. C. Every buyer and seller has full and perfect knowledge of what every other buyer and seller is doing, including knowledge of the prices, quantities, and quality of all goods being bought and sold.D. All the above Question 3 When companies get together to fix prices, the result is __________.A. a consortium of suppliers B. an oligopoly C. a monopoly D. none of the above Question 4 In a monopoly, how many sellers are there? A. There is a relatively small number of large…
Firms in a perfectly competitive market are able to produce as many products as they want. How do they determine how many to make? Monopolies can charge as much as they want for a good but what is the tradeoff for the high price they receive? Oligopolies produce at a quantity and price that is different than Perfect Competition and Monopolies, why does this happen? Use graphs to demonstrate your answers to the first two markets and use a duopoly table example for an Oligopoly. **Please don't be too broad** Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure
4 Modern business practices do not usually result in violent outbreaks. Why might governments in the modern day enact laws or regulations that restrict competition? As an example, an entire profession-lobbyist-focuses on convincing government officials to pass laws and regulations beneficial to particular industries. Is this reasonable? Justify.
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…
An oligopoly is a market structure in which only a few sellers produce similar or identical products. Oligopolies are price-setters and can collude to behave like a monopolist. 1. How do oligopolies set their prices? Please help thank you
Subject: Microeconomics Question:What market structure has a TR that is equal to the 45 degree line? -pure -monopoly -monopolistic -oligopoly