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8. (Collusion and Cartels) Use revenue and cost
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- 3- There are many sellers of abayas and dishdashas in Muscat. Each abaya and dishdasha seller makes their product slightly different from others. There is free entry and exit into this market. Which market structure is this situation referring to? a. Monopolistic Competition b. Perfect Competition c. Oligopoly d. Monopoly7. Due to the war in Ukraine, natural gas prices are expected to increase rapidly in Europe this winter. Which role of prices will European consumers experience in this market? The rationing role which states that as prices rise, only those buyers most willing and able to pay will be able to keep their homes as warm as they desire. The resource directly role which states that as prices rise, suppliers of natural gas from other nations will attempt to increase production to sell to Europeans. The information role that teaches us how rising prices conveys a message that prices were below equilibrium right before they began to rise. The rationing role of prices which discriminates based on the consumer income, wealth and other factors that influence consumption. All of the above.21- A town in India has three Milk producing companies. The owners of these milk companies make decisions together about when to raise and lower milk prices. It would be difficult for another milk company to enter this market. Which market structure best describes this market? a. Perfect competition b. Oligopoly c. Monopolistic competition d. Monopoly
- Only typed answer 1. Why do oligopolies exist? A. A small number of firms have established barriers to entry using economies of scale, patents, and sheer size to prevent other firms from challenging them. B. The oligopolistic firms are created, run, and supported by the government. C. The members of an oligopolistic market are producing in the upward sloping range of their long run average cost curves.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.1. The cartel of copper exporting countries is called COPEC. As part of an international trade agreement, the United States has agreed to buy all the copper that COPEC wants to sell to the United States at a constant price of $100 per tonne. COPEC also sells copper in Europe at a price of $150 per tonne. COPEC acts just like a monopolist; if it finds it is profit maximising to sell in the United States at $100 per tonne and simultaneously to sell in Europe for $150 a tonne, what is the price elasticity of demand of COPEC’s copper in the European market? Carefully explain all the steps in the derivation of the value of the elasticity including the underlying economic theory approach behind it.
- 1.Microsoft is one of the leading software companies. Prior to 2000, Microsoft’s share of the market for personal computer operating systems stood above 80 per cent. However, since the twenty-first century Microsoft’s market share has steadily declined to 40 per cent. This is due to the rise in competing software producers such as Apple macOS (10%), Google's Android OS (35%), Linux Operating System (35%), and Apple iOS (5%). The market share of each company is provided in parentheses. Google and Linux have decided that it would be in their best interest to work together to serve the market. This is not common knowledge to the person’s outside of the companies. i. Draw how equilibrium price and quantity are determined in this industry. Hi does this refer to the monopoly market structure diagrams? 2. Allsmart’s demand curve is given by Q=10-P for its dishwashers. The marginal and average cost is $3 per dishwasher produced. Complete the following table. Photo below concerns…6 Suppose that chocolate is a monopolistically competitive industry in both the United States and the EU. Suppose that in the past neither the US nor the EU have allowed chocolate imports from each other. Both now allow free trade in chocolate. The result is that the demand curve for each firm in the United States will be a) More elastic and also that of the EU. b) More elastic and, therefore, less elastic than the EU. c) Least elastic and, therefore, the most elastic that of the EU. d) Answers (B) and (C) may be correct.19- A barrier to entry is ________________. a. illegal in most markets. b. none of these. c. anything that protects a firm from the arrival of new competitors. d. freedom to enter and exit.
- 23. The kinked oligopoly demand curve does NOT describe the demand curve for monopolistic competition because in monopolistically competitive markets.... a. Firms are not as interdependant as oligopolistic firms. b. Firms have no market power. c. There is not as much product differentiation as in oligopoly. d. There is no non-price competition6-It is illegal and unethical to download and install a pirated copy of Microsoft Office on your own laptop. Select one : True O False2b. Firm’s market power: an explanation for a firm’s pricing behavior. The economists contribute an argument to the theory of the firm that: firms in different markets, and even different firms within the same market, are likely to have different degree of market power. And in turn, a firm’s market power is believed to help its capacity to charge relatively high prices compared to their rivals without losing all of its customers. What is your understanding of the concept of market power? What are the factors determining a firm’s market power? What is the extent of a firm’s market power in perfectly competitive markets versus monopolistically competitive markets? Observe an online market platform and search for a real-life example of a firm in a competitive market charging different price levels from its rivals (the competitors who are selling similar products). Give an explanation of the relevance of the market power to the firm’ pricing decision.
