If you were a manager, in charge of a firm in a duopoly, how would you figure out what to charge for your good/service that you are selling? Does the locational distance or product differentiation between your products play any role?

Q: Explain what the "tit-for-tat strategy" is and how it can be used in a cartel with two participants

A: In an oligopoly market, tit-for-tat strategy is one of the forms of game theory used by market…

Q: Monopolistically competitive firm are similar to monopolies in that they are able to earn economic…

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

Q: What effect would a successful advertising campaign differentiating a product from one's competitors…

A: Definition; Product advertising is paid promotional communication aimed at persuading consumers to…

Q: Why do monopolistically competitive firms spend funds for the product development and advertising…

A: (Q) Why do monopolistically competitive firms spend funds for the product development and…

Q: From a marketing strategy and customer intimacy perspective, to what extent do you believe companies…

A: In democratic government typically, it has been seen that there is both public and private sector…

Q: In monopolistic competition, firms may differentiate their products in many ways expect on the basis…

A: Product differentiation is a marketing technique for attract the customers by distinguishing the…

Q: Look at the figure below. Which diagram is consistent with a monopolistic competitor making zero…

A: Answer to the question is as follows :

Q: Imagine a scenario in which the fashion industry is suffering from monopolistic price gouging and a…

A: The price gouging is a situation when the firms charge high prices that are unfair. The prices of…

Q: how would you figure out what to charge for your good/service that you are selling in a duopoly?

A: Oligopoly is a market structure where there is a small number of firms ut each of the firms involves…

Q: If monopolies are typically considered inefficient, why would the government grant firms such as…

A: Monopoly refers to firms having a huge market share in the economy. A monopoly firm is one that is…

Q: Why is it difficult to regulate a monopolistically competitive market to increaseefficiency?

A: Different forms of market structures differ in their level of competitiveness, ranging from highly…

Q: What are the four characteristics of a monopolistically competitive industry and what is one example…

A: Monopolistic competition is an imperfect market structure where large number of sellers exist in the…

Q: Does a monopolistic competitor produce too much or too little output compared to the most efficient…

A: Monopolistic  competition: Monopolistic is a market situation where a large number of firms are…

Q: Confronted with the same unit cost data, a monopolistic producer will charge

A: A monopolist charge a higher price when confronted with the same unit cost data and produces a…

Q: Is the outcome in a monopolistically competitive market desirable from the standpoint of society?…

A: A monopolistic competitive market is the one where firms provide differentiated goods which makes…

Q: Draw a diagram of the long-run equilibrium in a monopolistically competitive market. How is price…

A: In a monopolistic competitive market there are large number of firms selling similar but not…

Q: Monopolistic markets tend to operate with some excess capacity. Explain

A: Excess capacity refers to the difference between the optimum output and the actual output produced…

Q: As a monopolistic competitor, what quantity does DeBeers produce? What price do they charge?

A: A monopolistic competitor faces a downward sloping demand and marginal revenue (MR) function. To…

Q: Describe why monopolistically competitive firms find it important to establish brand loyalty. How…

A: Monopolistic competition refers to the market structure in which there are many sellers of a…

Q: Monopolistic competition refers to a market where many firms sell differentiated products.…

A: Monopolistic competition is a form of market where products are closely related but differentiated…

Q: what are four differences and three similarities between the monopoly and monopolistic market…

A: There are four types of market namely perfect competition, monopoly, oligopoly, and monopolistic…

Q: Does a monopolistic competitor produce too much or too little output compared to the most…

A: A monopolist is a single supplier to a market. The goods produced by a monopolist do not have close…

Q: How do perfectly competitive firms, monopolists, monopolistically competitive firms, and cartels…

A: Basics:- Profit maximization condition in all the market types:- Marginal Revenue = Marginal Cost…

Q: Monopolistically competitive firms in the long run will do which of the following? They will produce…

A: Monopolistic competition is a form of imperfect market structure with the features of more firms…

Q: What conditions may permit oligopolies to discriminate consumers?

A: Oligopoly is the market situation where there are few large firms and many buyers. Each firm has…

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: Why is product differentiation important in monopolistic competition?

A: Product differentiation refers to one of the characteristics of monopolistic competitiveness in…

Q: What is the relationship between product differentiation and monopolistic competition?

A: In monopolistic competition, there are many producers (firms) selling differentiated products to…

Q: If a monopolistically competitive firm is earning positive profits in the short-run, then we would…

A: A monopolistic competitive market has free entry and exit if firms in the market are earning…

Q: How does the short run differ from the long run in a monopolisticallycompetitive market?

A: A form of inconsistent competition is monopolistic competition so that multiple suppliers market…

Q: Monopolistically competitive firms could increase the quantity they produce and potentially lower…

A: Profit maximization condition of a monopolistically competitive firm is where, MC = MR. so, they try…

Q: true or false Monopolistic firms do not care about profits, their goal is to maximize total revenue.

A: The market structure can be divided into four based on the degree of competition and the type of…

Q: why is a firm in a monopolistic competition said to be competive?in what sense is hat firm…

A: Monopolistic competition refers to a market structure where the producers offer differentiated…

Q: Monopolies always produce less and charge higher prices for goods which are often of dubious…

A: What exactly is a Monopoly game?A monopoly is a market in which there is only one supplier but…

Q: Economies of scale tend to create natural monopolies. true or false

A: Economies of scale tend to create natural monopolies. true or false Definition of natural monopoly-…

Q: How does advertising help firms? In which market would you expect firms to use advertise mostly,…

A: Advertisement and sales are positively related with each other. Increasing advertisement leads to…

Q: Why does price elasticity of demand play such an important role in Ogligopolistic markets?

A: The elasticity of demand demonstrates the way from which one can assess the change in Q (quantity)…

Q: output and price, and discuss its implications, if:   You are a monopolistically competitive firm…

A: 1) The monopolistically competitive market has profit maximising condition is given as MR=MC…

Q: Monopolistically competitive firm's are similar to monopolies in that they are able to earn economic…

A: Monopoly is a market structure where in there is only one single firm and there are heavy barriers…