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Question 14.14 In an oligopolistic market there are
many buyers.
few buyers.
few sellers.
many sellers.
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- Q77 In a typical oligopolistic market, there are... a. Substantial entry barriers and firms are too large to strategically interact with each other. b. No barriers to entry and firms sell homogeneous products. c. No barriers to entry, but firms sell differentiated products. d. Substantial barriers to entry and firms interact strategically with each other. e. No barriers to entry and firms interact strategically with each other. Clear my choiceWhich strategy—non-cooperative or cooperative strategy—has a better result/outcome in the context of an oligopolistic industry and explain why it is better than the other strategy.Washing powders are often heavily advertised because -Consumers need to know the exact composition of washing powders. -The advertising elasticity of demand of washing powders is low, so firms need to advertise a lot to increase sales. -The consumer base keeps changing. -They are produced in an oligopolistic setting and are not search goods.
- How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claimsIf in Ventura county there is an oligopolistic market, where each company has a kinked demand curve, then what will be the effect when one of these companies raises its price?Compare an oligopolistic industry that has a great deal of communication among its members with an oligopolistic industry that has little communication and the firms want to maximize profits for themselves. The first industry will likely earn _________ profits and produce __________ output than the second industry. a. lower; moreb. higher; morec. lower; lessd. higher; less
- If in Ventura county there is an oligopolistic market, where each company has a kinked demand curve, then what will be the effect when one of these companies raises its price? Group of answer choices The other oligopolists will immediately raise their prices to match. The other oligopolists will exit the cartel. The other oligopolists will not change their prices. The other oligopolists will lower their prices.Example of oligopolistic market structureNew, small firms often have trouble competing in oligopolistic industries because they cannot achieve the economies of scale the established, large firms enjoy. is this true or false
- Should competitors work together in an oligopolistic market?what is it called if they do,and is it legal?When does cut-throat competition happen with oligopolistic firms? Group of answer choices When each firm acts more like a monopoly and colludes with each other to set prices in the market. When the firms compete hard and to stop acting like perfect competitors by driving up costs which leads in the long-run to higher profits. When the firms push each other with stiff competition acting like perfect competitors driving down costs, which in the long-run leads to zero profits.Explain how beliefs and strategic interaction shape optimal decisions in oligopoly environments. You are the manager of the only firm worldwide that specializes in exporting fish products to Japan. Your firm competes against a handful of Japanese firms that enjoy a significant first-mover advantage. Recently, one of your Japanese customers has called to inform you that the Japanese legislature is considering imposing a quota that would reduce the number of pounds of fish products you are permitted to ship to Japan each year. Your first instinct is to call the trade representative of your country to lobby against the import quota. Is following through with your first instinct necessarily the best decision? Why or why not?