The monopolistically competitive industry is most similar to (answer) in the number of firms and (answer) in their ability to set price. A. perfect competition, monopoly B. monopoly, perfect competition C. Oligopoly, monopoly D. Oligopoly, perfect competition E. Monopoly, oligopoly
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- Question 20 In the market for a brand name medicine with a single company selling the medicine, that company is a_______Eventually, the government lets other companies sell the medicine as a "generic" alternative to the brand name. The effect of this increased competition is to_______ the medicine's price.O. monopoly, decreaseO. oligopoly, decreaseO. monopoly, increaseO. oligopoly, increaseIn prices. market structure, firms sell differentiated products but due t A) a monopolistic competition B) an oligopoly a monopoly D a perfect competition Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.For each of the following characteristics, say whether it describes a monopolistic competitive or oligopoly market, both or neither. There is a single model to explain the firm's behavior. Firms in this market produce the socially efficient level of output. Firms make zero economic profit in the long run. Market is dominated by a few firms. Strategic behavior is very important. EditViewInsertFormatToolsTable 12pt Paragraph
- A group of firms that gets together to make price and output decisions is called. Single choice. a.a non-collusive oligopoly. b.price leadership. c.a cartel. d.a concentrated industry Which of the following industries is the best example of monopolistic competition?. Single choice. a.Wheat b.Restaurant d.Automobile c.Water service Which of the following is a characteristic of pure monopoly?. Single choice. a.one seller of the product b.low barriers to entry c.close substitute products d.perfect information Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The explicit costs of production are $1,500,000 and the implicit costs of production are $300,000. The firm has an accounting profit of:. a.$500,000 and an economic profit of $200,000. b.$400,000 and an economic profit of $200,000. c.$300,000 and an economic profit of $400,000. d.$200,000 and an economic profit of $500,000.…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 examplesWhat does the income elasticity of demand measure? a ) The responsiveness of quantity demanded to changes in price b ) The responsiveness of quantity demanded to changes in income c ) The responsiveness of supply to changes in price d ) The responsiveness of supply to changes in income Which of the following is a characteristic of a monopolistic competition market structure? a ) Many buyers and many sellers with identical products Give me correct answer with full explanation and calculation otherwise i give downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
- know how to compare the characteristic of pure competition Monopoly, Monopolistic competition and oligopoly markets including examplesDefine each of the following markets: Monopoly, Perfect competition, Monopolistic Competition, or Oligopoly Answer all asapCompare and contrast the way that monopolistic competitors set price with the way that perfectly competitive firms set price. Also, compare and contrast the short and long run equilibrium in perfect competition and monopolistic competition.
- Indicate whether the following markets represent a monopoly, perfect competition, monopolistic competition or oligopoly and explain your answer briefly; The market for photographic film The market for blue jeans c. The market for the shares of Cocoa Processing Company LtdA firm's influence over the price of the good produced in monopoly, oligopoly, monopolistic competition, and perfect competition is, respectively, complete, considerable, little, none becauseIn the market where marginal revenue equals demand and the market price is: a) monopolistic competition b) perfect competition c) oligopoly d) monopoly
