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- There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of these 38 stores allows ABC to offer large quantities at favorable prices. a. ABC gained market power through a.economies of scale b.government protection c.control of an important input . b. ABC’s market power a.does b.does not guarantee that the firm makes an economic profit.In some industries, securing the adoption of an industry standard that is favourable to one’s own product is an enormous advantage. It can involve marketing efforts that grow more productive the larger the product’s market share. Microsoft’s Windows is an excellent example.2 The more customers adopt Windows, the more applications are introduced by independent software developers, and the more applications that are introduced the greater the chance for further adoptions. With other products the market can quickly exhibit diminishing returns to promotional expenditure, as it becomes saturated. However, with the adoption of new industry standards, or a new technology, increasing returns can persist.3 Microsoft is therefore willing to spend huge amounts on promotion and marketing to gain this advantage and dominate the industry. Many would claim that this is a restrictive practice, and that this has justified the recent anti-trust suit against the company. The competitive aspects of this…Suppose that a lunar mining company discovers a new kryptonite deposit on the moon . This discovery allows it to have monopoly power in the market for kryptonite back on Earth. This source of monopoly power is due to Question 7 options: copyrights diseconomies of scale product differentiation exclusive control of a raw material trade barriers
- Which of the following is not a barrier to entry? Group of answer choices high fixed costs ownership of a resource diseconomies of scale regulation and legal feesTrue and false statements (Justify your Statement with reason). i. The term imperfect competition refers to every market structure besides pure competition. ii. The demand curve for a purely competitive industry is perfectly elastic, but the demand curves faced by individual firms in such an industry are down sloping. iii. Fixed costs are costs that change directly with output. iv. Normative statements are expressions of facts.Firms possessing resources or skills not available to competing firms may attempt to exploit it internationally. This is called: a. Use foreign raw materials b. Fully benefit from economies of scale c. React to trade restrictions d. Exploit monopolistic advantages
- Because of producer–producer rivalry, the price will tend to Multiple Choice rise up to the maximum price the consumers are willing and able to pay. be the same as the monopoly price. be driven to a lower price. be the same as the competitive price.Economic profit a. does not exist in competitive markets. b. provides incentive for investors to undertake risky projects. c. motivates entrepreneurial innovation. d. does all of the above. e. is both b and c. The demand curve of the perfect competitor is a. perfectly elastic. b. downward sloping. c. upward sloping. d. perfectly inelastic. An import tariff on an imported good will result in a. higher domestic consumer prices for that good. b. increased market share for the domestic producer. c. increased revenues for the domestic government. d. deadweight losses to society. e. only a, b, and c. f. a, b, c, and d.Price is set in a market by a dominant firm price leader (L = Leader). Total Market Demand is P = 10,000-20*QT. The dominant firm price leader’s (L = Leader or Dominant Firm) total cost is TCL = 60*QL + 1.5*QL2. The competitive fringe supply (F = Fringe) is SF = PL = 100 + 2QF. Determine the quantity that will be produced and sold by the Dominant Firm. The Dominant Firm quantity =
- When economists talk about a barrier to entry, they are referring to a.the downward-sloping portion of the long-run average total cost curve. b.a factor that makes it difficult for potential competitors to enter a market. c.the opportunity cost of equity capital that is incurred by a firm producing at minimum total cost. d.the declining output experienced as additional units of a variable input are used with a given amount of a fixed input.The Broadway show Hamilton is coming to perform for one night. There are two types of consumers interested in the show- current students and rich alumni. The demand curve for the student market is Q= 300-0.4P with marginal revenue MR= 750-5Q. The demand curve for the alumni market segment is Q=600-0.1P with marginal revenue MR=6000-20Q. If the two types of consumers are in the market, the MR=1800-4Q. The cost function is C(Q)=200Q and the marginal cost of serving either customer is MC=200. 3. what is the profit-maximizing price charged to students? what is the profit-maximizing price charged to alumni?The Broadway show Hamilton is coming to perform for one night. There are two types of consumers interested in the show- current students and rich alumni. The demand curve for the student market is Q= 300-0.4P with marginal revenue MR= 750-5Q. The demand curve for the alumni market segment is Q=600-0.1P with marginal revenue MR=6000-20Q. If the two types of consumers are in the market, the MR=1800-4Q. The cost function is C(Q)=200Q and the marginal cost of serving either customer is MC=200. 1. Assume the show knows there are different types of consumers but can not tell the difference so they must sell tickets at a single price. At what price do all consumers enter the market? What profit-maximizing price and quantity are the tickets sold at?
