Explain why firms operating in monopolistically competitive markets probably  will not earn an economic profit in the long run. AND Why does interdependence of firms play a major role in oligopoly but not in  perfect competition or monopolistic competition?

Q: Monopolistically competitive firms are similar to monopolies in that they tend to charge a high her…

A: There are various forms of market structure. These include perfect competition, oligopoly, monopoly,…

Q: 1.) Are Concentration Ratios Low, Moderate or High in a Monopolistic Competitive Market? Explain why…

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 one of the key differences between monopolistic competition and oligopoly?…

A: The term "market" refers to a system that facilitates the buying and selling of products and…

Q: If monopolistically competitive firms have some control over their price, why don’t they set price…

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

Q: 47. In which of the following industry structures is the entry of new firms the most difficult? a.…

A: When the price rises, new firms seek to enter the industry because high price implies higher…

Q: Can excess Profit be earned in an Oligopoly market in the long run? Explain.

A: An oligopoly market structure is where the market is controlled by a few producers. In such a market…

Q: Explain how concentration ratios and barriers to entry into the market relate to Monopolistic…

A: Market:- A market is a location where people may come together to exchange products and services.…

Q: the concept of Duopolistic competition and briefly describe the 3 main models of duopolistic…

A: A type of oligopoly known as a duopoly occurs when just two businesses control the market. A…

Q: Choose one product and identify its market structure among a perfectly competitive, monopoly,…

A: The market structures are divided into 4 types depending on the number of firms, entry barriers and…

Q: Why do firms in monopolistic competition have market power? Group of answer choices Firms in…

A: Monopolistic competitive firms sell similar but slightly differentiated goods. If consumers prefer…

Q: Which of the following industries are examples of oligopolistic industries in the U.S.? Choose all…

A: An oligopoly is a market structure in which a small number of enterprises have a significant amount…

Q: In which type of markets is product differentiation used by producers as the dominant, most common…

A: Since you have asked two multiple choice questions at once. Due to our authority guidelines we can…

Q: “Competition in quality and service may be just as effective as price competition in giving buyers…

A: The firms under monopolistic competition because it frequently prefers to do non-price competition…

Q: Assume firms in the short run are earning above-normal profits. Explain what will happen to these…

A: Normal profits(π) imply zero profit(π). This is the case where the total revenue(TR) equal to total…

Q: If the firms in a monopolistically competitive market are earning economic profits or losses in the…

A: In a monopolistic market, the eqm. occurs at a point where the MR(marginal revenue) and MC(marginal…

Q: What are the relative advantages of buying a good or service produced by a firm in an oligopoly…

A: ANSWER   The relative advantages of buying a good or service produced by a firm in an oligopoly…

Q: Would delivery pizza in a large city be best described as a perfect competition, monopolistic…

A: Perfect competition: perfect competition is a form of market in which there are many buyers and many…

Q: What are the major characteristics of oligopoly and monopolistically competitiive market structure?…

A: Monopolistic competition refers to a market state with high levels of competition among firms…

Q: When there are only TWO (2) producers within an industry, this situation is called a/an…

A: A monopoly is the sole producer of a good.

Q: As firms enter and exit a monopolistically competitive market, what happens to productive efficiency…

A: In the Monopolistic competition, it can be seen that firms make short-run profit Maximizing decision…

Q: Are condominiums considered imperfect competition or perfect competition in the market? Identify its…

A: Condominiums refer to an individually owned residential apartment in a building or complex comprised…

Q: What are the similarities and differences between a monopolistic competitive market structure and an…

A: marketplace is a platform wherein transaction takes area among the manufacturers of a commodity and…

Q: Relate how the ability of monopolistic competition to deliver product differentiation helps to…

A: Monopolistic competition is considered imperfect competition, wherein many producers exist who sell…

Q: Compare and contrast how prices are determined under pure competition, monopoly, oligopoly and…

A: There are mainly four types of market structures. In Pure and Perfect Competition, there are large…

Q: What effect does the entry of new firms have on the economic profits of existing​ firms? When new…

A: When new firms enter a monopolistically competitive​ market, the economic profits of existing firms…

Q: What is product differentiation? What role does it play in the determination of price under…

A: 1. The monopolistic firms are price makers in the market and so they produce a good which is same to…

Q: “In the long run, perfectly competitive firms and monopolistically competitive  firms will charge…

A: In perfectly competitive and monopolistic competitive market, there are no barriers to entry so…

Q: Explain whether a monopolistically competitive firm is able to achieve social efficiency in the…

A: Social efficiency has two parts: Allocative efficiency, where Price equals MC, and Productive…

Q: explain what is the difference between firms in monopolistic competition and firms in oligopoly.…

A: In total there are 4 main market types based on how many buyers and sellers are there, is the firm…

Q: Question: Using the Cournot model of a duopoly (oligopoly), compare and illustrate in detail the…

A: Duopoly: It can be considered here as the special form of oligopoly where there are only two sellers…

Q: Chapter 10 talks about "Monopolistic competition", one of the most popular market structure for…

A: Under an oligopolistic market structure, there are a few large firms that operate in the industry.…

Q: Discuss the Duopoly Model with Product Differentiation, explain the effects of Product…

A: Duopoly  Duopoly refers to the type of market in which there are only two producer firms in the…

Q: With the aid of a diagram explain on oligopolistic kinked demand curve.

A: Diagram of oligopolistic kinked demand curve:-

Q: Describe the basic elements of a game, strategy, payoffs, dominant strategy, and Nash equilibrium.…

A: Strategy refers to the options or preference that the person is chooses at any stage of game where…

Q: Why might price collusion occur in oligopolistic industries? Assess the economic desirability of…

A: Oligopolistic market: It refers to how the companies make the group and decides the price of the…

Q: Why might some people claim that the breakfast cereal industry is monopolistically competitive but…

A: Monopolistically competitive market is a market where large number of seller selling differentiated…

Q: Based on the demand schedule, at what quantity should the firms under duopoly and collusion will…

A: Duopoly is a situation when there are only two firms in the industry. It might be in their advantage…

Q: Explain in detail the similarities and differences between Perfect competition and Monopolistic…

A: A market is a set of the processes, organizations, practices, social interactions or infrastructures…

Q: Why is there so much advertising in monopolistic competition and oligopoly? How does such…

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

Q: Explain if excess profit will exist in the long run for an oligopolistic market.

A: Oligopoly is such a market condition where there are a few firms which are selling homogeneous or…