Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 18, Problem 8SPPA
To determine
To explain:
The effect of economies of scale and demand on the market for smartphones graphically.
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Does an oligopolistic firm have a supply curve? WHY or WHY NOT? Explain with graph
Exercise 5.5 In this unit we have seen that monopolistically competitive firms could increase the amount they produce and reduce the ATC of production. Why don't they?
2. During your next trip to the supermarket (or you may need to make a special trip) find two examples of different goods for which the market is oligopolistic. Make certain that you have chosen a ‘good’ and not a brand name. Remember that several brand names compete in a market. List all the brand names (or at least four brands if there are dozens) and the parent company for each brand name (check the package carefully so that you don’t confuse brand names with the actual producer.) For each good, what is your evidence that this market is oligopolistic? (number of producers; shelf space give to each one; identical pricing.)
Chapter 18 Solutions
Foundations of Economics (8th Edition)
Ch. 18 - Prob. 1SPPACh. 18 - Prob. 2SPPACh. 18 - Prob. 3SPPACh. 18 - Prob. 4SPPACh. 18 - Prob. 5SPPACh. 18 - Prob. 6SPPACh. 18 - Prob. 7SPPACh. 18 - Prob. 8SPPACh. 18 - Prob. 1IAPACh. 18 - Prob. 2IAPA
Ch. 18 - Prob. 3IAPACh. 18 - Prob. 4IAPACh. 18 - Use this information to work Problems 5 to 7. DOJ...Ch. 18 - Use this information to work Problems 5 to 7. DOJ...Ch. 18 - Prob. 7IAPACh. 18 - Which of the following statements is incorrect. In...Ch. 18 - If firms in oligopoly form a cartel, it will...Ch. 18 - Prob. 3MCQCh. 18 - Prob. 4MCQCh. 18 - Prob. 5MCQCh. 18 - Prob. 6MCQCh. 18 - Prob. 7MCQ
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- What type of demand curve do we see with oligopolistic markets? Draw an examplearrow_forwardSuppose the carwash market is monopolistically competitive and that businesses in this market are currently earning positive economic profits. In the long run, the demand for an individual car wash business will the market , which will cause economic profits to as more carwash businesses enter Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a fall; rise fall; fall to zero rise; fall to zero d rise; risearrow_forwardWhich of the following industries are examples of oligopolistic industries in the U.S.? Choose all that apply. A. pharmaceutical industry B. automobile industry C. utility providers D. telecommunications industryarrow_forward
- Draw a graph showing consumers and producers surplus in a oligopolyarrow_forwardWith the aid of a diagram explain on oligopolistic kinked demand curve.arrow_forwardDiscuss the long-term effects in a monopolistically competitive market if an existing firm is making profits or losses. Use graphs to help your explanations.arrow_forward
- The graph below shows a demand curve for a firm operating in an oligopolistic market. Instructions: Enter quantities as a whole number. Round prices 2 decimal places. a. What is the profit maximizing price and quantity when marginal cost is MC1? The firm will produce units at a price of $ . b. Suppose marginal cost increases to MC2, what is the profit maximizing price and quantity after marginal cost changes? The firm will produce units at a price of $ .arrow_forwardWhat are the main characteristics of oligopoly? How does output and price compare to that of perfect competition? What are the main characteristics of oligopoly? How does output and price compare to that of perfect competition? View keyboard shortcuts EditViewInsertFormatToolsTable 12pt Paragrapharrow_forwardOligopolies An oligopoly is a market structure in which only a few sellers produce similar or identical products. Oligopolies are price-setters and can collude to behave like a monopolist. 1. Explain how you can distinguish a firm in an oligopolistic market from one in a monopolistic competitive market. Provide examples to illustrate.arrow_forward
- What are the main features of an oligopolistic market?How do oligopolies set their prices?Explain how you can distinguish a firm in an oligopolistic market from one in a monopolistic competitive market. Provide examples to illustrate.arrow_forwardexplain what is the difference between firms in monopolistic competition and firms in oligopoly. What does this difference mean for prices and quantities and for economic profit?arrow_forwardWhy does Pinterest see Google as its biggest competitor? Why does Pinterest prioritize the smartphone platform while developing new features and products?arrow_forward
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