Question 3 (a) oligopoly market structures-discuss the main features and the basis of firm competition (b) what is monopolistic competition? give examples
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Question 3
(a) oligopoly market structures-discuss the main features and the basis of firm competition
(b) what is
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- Question 1b Explain the characteristics monopoly, oligopoly, monopolistic and perfect competition marketsQuestion 1a. 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.…Question 1 D Why does interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition?
- Question 1 -Explain why firms operating in monopolistically competitive markets probably will not earn an economic profit in the long run. - Why does interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition?Question 1.1 Mutual interdependence would tend to limit control over price in which market model? Monopolistic competition Pure competition Pure monopoly OligopolyQuestion 1 a.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 the interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition?
- Question 8 Which of the following statements about oligopolies is NOT correct? Group of answer choices Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal revenues. Oligopolistic firms are interdependent in a way that competitive firms are not. The actions of any one seller can have a large impact on the profits of all other sellers. An oligopolistic market has only a few sellers.Question 1 With the aid of a diagram explain how a monopolist determines how much output to produce and what price to charge. Explain how the perfectly competitive firm decides whether to operate or shut down in the short run. Explain why firms operating in monopolistically competitive markets probably will not earn an economic profit in the long run. Why does interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition?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]
- 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…Question 3: a. Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs by using specific examples from everyday administrative activities. b. By using specific product markets briefly discuss the significant difference among the following market structures: (i) perfect competition, (ii) monopoly, (iii) monopolistic competition, and (iv) oligopoly. c. Why are externalities, public goods, and information asymmetry major problems in the market? Discuss.Question 3: In most developed countries, media markets are dominated by which two types of market structures? A Perfect competition B Monopolistic competition C Oligopoly D Monopoly