i. Why does interdependence of firms play a major role in oligopoly but not monopoly? ii. Explain the difference between the budget constraint and indifference curve at consumer optimum. iii. Describe the relationship between the marginal product and the total product of a firm?
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i. Why does interdependence of firms play a major role in oligopoly but not
ii. Explain the difference between the budget constraint and indifference curve at consumer optimum.
iii. Describe the relationship between the marginal product and the total product of a firm?
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- Question 3 (a) oligopoly market structures-discuss the main features and the basis of firm competition (b) what is monopolistic competition? give examples.Theory says that oligopolies should stick to the $500.00 price to maximize revenue (see the graph) Use the graph pictured to calculate total revenue in the elastic and inelastic portions of the demand curve at the price and quantity points specified to explain the theory.Give one example for each market structure : 1. Perfect competition 2. Monopolistic competition 3. Oligopoly 4. Monopoly
- 47. In which of the following industry structures is the entry of new firms the most difficult? a. oligopoly b. monopoly c. monopolistic competition d. pure competition1. Advertising and product differentiation are key characteristics of: a. Perfect competition. b. Monopolistic competition. c. Oligopoly. d. Monopoly. 2. An effective price ceiling must be set a. above the equilibrium price. b. below the equilibrium price. c. at the equilibrium price. d. either at or above the equilibrium price. 3. In long-run equilibrium, the perfectly competitive firm earns………… economic profits. a. Positive. b. Negative. c. Zero. d. None of the above. 4. Which of the following describes what happens to a consumer's budget line if that consumer's budget increases? The budget line a. becomes steeper. b. shifts farther away from the origin of the graph. c. does not change. d. shifts closer to the origin of the graph. 5. Refer to the Figure below: On the graph, the movement from D to D1 is called a. A decrease in demand b. An increase in demand. c. A decrease in quantity demanded d. An increase in quantity demanded. 6. Because we collectively…Question 1a. With the aid of a diagram explain how a monopolist determines how muchoutput to produce and what price to charge. [4 marks]b. Explain how the perfectly competitive firm decides whether to operate or shutdown in the short run. [4 marks]c. Explain why firms operating in monopolistically competitive markets probablywill not earn an economic profit in the long run. [4 marks]d. Why does interdependence of firms play a major role in oligopoly but not inperfect competition or monopolistic competition? [4 marks]
- Discuss the Duopoly Model with Product Differentiation, explain the effects of Product Differentiation and compare them with Homogeneous Goods Duopoly Competition. Try to find real life examples for such Duopolies and discuss relevant literature.Assignment Directions: An oligopolist faces a kinked demand curve. In your own words, describe why firms face this situation. Theory says that oligopolies should stick to the $500.00 price to maximize revenue (see the graph above). Use the graph pictured to calculate total revenue in the elastic, inelastic, and unit elastic portions of the demand curve at the price and quantity points specified to explain the theory.Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples How do firms in an oligopolistic market set their prices? Use specific examples Explain how firms that compete in the four different market structures determine profitability. Use specific examples
- Q2: A ________ exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run average cost curve. a.) natural monopoly b.) monopolistic competition c.) monopoly d.) oligopoly1. What are the 5 characteristics of perfect competition? 2. Define the followings? A. Monopoly B. Oligopoly C. Duopoly D. Perfect competition E. Knockoffs 3. What is a Resource Market? 4. What are the 4 types of resources in economics and define each? 5. What is an example of game theory in economics? 6. If you are the manager/owner of the company, what will you do to solve the negative effect of perfect competition?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…