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- When OPEC raised the price of oil dramatically in the mid-1970s, experts said it was unlikely that the cartel could stay together over the long term-that the incentives for individual members. to cheat would become too strong. More than fort),r years later, OPEC still exists. Why do you think OPEC has been able to beat the odds and continue to collude? Hint: You may wish to consider non-economic reasons.For many years, the Justice Department has tried to break up large firms like IBM, Microsoft, and most recently Google, on the grounds that their large market share made them essentially monopolies. In a global market, where U.S. films compete with firms from other countries, would this policy make the same sense as it might in a purely domestic context?Is it true that the four-firm concentration ratio puts more emphasis on one or two very large films, while the Herfindahl-Hirshmau Index puts more emphasis on all the films in the entire market? Explain briefly.
- When 40%<CR4<60%. a. effective competitive b. tight oligopoly c. effective monopoly d. loose oligopolyHow can incumbents legally erect entry barriers around novel and non-obvious products or production processes? Question 10Select one: a. Collusive pricing b. Predatory pricing c. Patents d. Formation of a cartel e. Price fixingCOURSE: Microeconomics - Perfect Competition, Monopoly and OligopolySuppose a market with 2 firms whose total costs are given by CTi = 10qi, facing a market demand given by: Q = 100 - P.(a) Determine Perfect Competition outcome, its marginal cost (MC), its price and market quantity (q). Graph.(b) Determine outcome of a monopoly, remembering that marginal revenue (MR) will be equal to marginal cost (MC) in this case and that monopolist's profit is (P × Q) - TC. Graph. Then, what difference can be seen by comparing this result with perfect competition result obtained in (a) above?(c) Determine Cournot result with identical firms (equal access) and there is product homogeneity (equal price), remembering to maximize profits of firms, derive them and obtain Reaction Function. Graph(d) Determine Cournot result with product homogeneity (equal price) and different costs such that: CT1=q12 and CT2 = 12q2 What difference do you appreciate with respect to result obtained in (c) above Graph.
- a. Explain what you know about collusion and cartels, including: definition, formation of motives, types and differences between these types, and so on. b. Why is this behavior often encountered in imperfectly competitive market structures such as oligopolies? c. What obstacles/obstacles do collusion and cartels often face? d. Name and explain at least 3 factors that can facilitate the occurrence of collusion and cartel!Please consider an oligopoly market. Suppose you were a producer in the market. Would you corporate with or compete against other producers? If you chose competition, how would you defeat the rivalries?The table shows the demand schedule for a particular product. Quantity Price 0 100 300 90 600 80 900 70 1200 60 1500 50 1800 40 2100 30 2400 20 2700 10 3000 0 Suppose the market for this product is served by two firms who have formed a cartel and are colluding to set the price and quantity in this market. If the marginal cost to produce this product is constant at $40 per unit, then what price will the cartel set in this market? a. $40 b. $50 c. $60 d. $70 e. $80
- Match the terms on the left with the definitions in the column on the right (use alphabet to match for example 1-a/2-b/3-c). 1. relevant market a. price changes by one firm in oligopoly affect pricing by other firms 2. market structure b. a few firms that produce goods that are close substitutes 3. mutual interdependence c. one firm producing a good with no close substitutes 4. industry d. the percentage of total market sales produced by a particular firm 5. patent e. a set of goods with high cross elasticities among them 6. monopolistic competition f. large number of firms producing goods that are perfect substitutes 7. oligopoly g. a set of market characteristics common to a group of firms 8. product differentiation h. physical or perceived differences among substitute goods in a market 9. brand loyalty i. many firms that produce differentiated goods that are close substitutes 10. perfect competition k. a monopoly right on…What are businesses or industries in the Philippines are examples of oligopoly?Somehow Im having trouble with parts a-c. Could I have help understanding and solving giving this is a Bertrand duopoly model.