Justify why the firms belong to such by pointing out the characteristics. a) monopoly: Agusan del Norte Electric Cooperative, Inc. (ANECO) b) monopsony: Holcim c) oligopoly: Mitsubishi d) monopolistic: Pizza Hut
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Justify why the firms belong to such by pointing out the characteristics.
a)
b) monopsony: Holcim
c) oligopoly: Mitsubishi
d) monopolistic: Pizza Hut
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- In which market model must firms take into account the actions of their competitors before they can determine their profit- maximizing quantity? a. Perfect competition b. Monopoly c. Oligopoly d. Monopolistic competitionevaluate the following statement:“Managers should specialize by acquiring only the tools needed to operate in a particular market structure. That is, man- agers should specialize in managing either a perfectly competitive, monopoly, monopolistically competitive, or oligopoly firm.”True and False Also correct the false answers: 1. The firm operates in a long-run production period where labor is variable, capital is fixed. (True/False) 2. The main difference between perfect competition and monopolistic competition is the degree of product differentiation. (True/False) 3. Coordination costs arise because of uncertainty and complexity of tasks. (True/False)
- These two cases provide examples of markets that are characterized neither as perfect competition nor monopoly. Instead, these firms are competing in market structures that lie between the extremes of monopoly and perfect competition. How do they behave? Why do they exist?Which one of the following market structure is the less competitive? a. Perfect competition b. Monopolistic competition c. Monopoly d. OligopolyFor questions #25-30, classify the following product markets in their respective industry structures using the appropriate letter for your answer. A.) Monopoly B.) Oligopoly C.) Monopolistic competition D.) Perfect competition 25.) Bottle water 26.) Wooden #2 pencils 27.) Cooper 28.) Local electricity service 29.) Peanut butter 30.) Lipstick
- Which of the following market structures has the fewest number of large firms? a. Monopolistic competition b. Perfect competition c. Monopoly d. Oligopolywhich market structure(s) might firms produce a homogeneous product? Answer a. perfect competition only. b. monopoly only. c. monopolistic competition only. d. perfect competition and monopolistic competition. e. perfect competition and oligopoly.With the aid of practical examples ,distinguish between the following concepts ,a)increasing returns to scale and decreasing returns to scale b)Fairly elastic demand and fairly inelastic demand c)monopolistic competition and oligopoly market
- Assume firms in the short run are earning above-normal profits. Explain what will happen to these profits in the long run for the following markets: Pure monopoly Oligopoly Monopolistic competition Perfect competitionFind an example of consumer product market that fits John Sutton’s theory of the domination of brand-named firms and discuss why this is the case. Would his theory fit other types of industries? Why or why not?Evaluate the following statement: “Managers should specialize by acquiring only the tools needed to operate in a particular market structure. That is, managers should specialize in managing either a perfectly competitive, monopoly, monopolistically competitive, or oligopoly firm.”
