#4. If network externalities exist in an industry, the ________ firm to enter the market is often the one that succeeds in dominating the industry. a. first b. second c. third d. fourth e. fifth
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#4. If network externalities exist in an industry, the ________ firm to enter the market is often the one that succeeds in dominating the industry. a. first b. second c. third d. fourth e. fifth
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- In 50 words, answer the following question: In class, we talked about how social media is a common resource. Do you think the providers of social media forums should regulate the behavior of users? If not, why not? If so, how? (Hint: think economically. How could the providers (not) solve the problems with common resources by regulating?)2. Some companies are considering using Goògle's Android operating system for their tablet PCs and netbooks. How would you expect Microsoft to react if Google succeeds in entering the market for desktop applications in this way?1. When a monopoly advertises, the goal is to _____ because _____. Group of answer choices increase its demand as a share of market demand; the monopoly faces a significant portion of market demand increase market demand; the monopoly faces the entire market demand increase market demand; the monopoly produces a product that is identical to the output of all other sellers in the market increase its demand as a share of market demand; the monopoly faces a small portion of market demand 2. If given a choice, a person would prefer to experience the situation of which of the following families? Group of answer choices a family with income equal to the world poverty line a family with income equal to the United States poverty line a family with income double the world poverty line a family with income equal to the poverty line in the United States in 1970 3. A business using its bargaining power as a major buyer of labor to pay lower prices, including lower wages,…
- 20. How is a monopoly (or oligopoly for that matter) able to remain that way? Okay, let's say a company has no competitors today. But won't it start having some competitors tomorrow? Explain at least one reason why a monopoly or oligopoly could be long-lasting (e.g. why other firms may not wish to enter a monopolist's market and "start a fight" with a monopolist).II. Answer the following T/F questions a. b. C. d. e. Tor F, an oligopolist, like the monopolist, earns LR economic profits. Tor F, retail clothing stores are classified as an oligopoly market structure. T or F, the monopolistic competitor and the oligopolist do not engage in non-price competitive strategies. T or F, the oligopolist reaches both productive and allocative efficiency in the long run. T or F, a monopolistic competitor sells a differentiated product giving them the ability to have some price control.Discussion Question 13-11 Network effects give Internet firms a boost with respect to first mover advantages. This is because with network effects O whichever firm's network becomes the largest will become the most valuable to potential customers and will therefore attract even more users. O only firms with access to proprietary technology can form a network. O networks can be networked to create even more traffic and profits. O the first internet firm to establish a network has the most influence over any regulation. When network effects are at play, an increase in the number of people using a given product will shift the demand curve to Oright and make it more elastic. O the right and make it more inelastic. O left and make it more inelastic. O left and make it more elastic. NOV 12 tv NA 10
- Table 2 Imagine a small town in which only two residents, Lisa and Mark, own wells th Time left 1:57 drinking water. Each week Lisa and Mark work together to decide how many gallons of water to pump. They bring the water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Lisa and Mark can pump as much water as they want without cost so that the marginal cost of water equals zero. The weekly town demand schedule and total revenue schedule for water is shown in the table below: Quantity (in gallons) 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Price Select one: O a. 0 O b. 1,200 O c. 600 O d. 900 $120 110 100 90 80 70 60 50 40 30 20 10 0 Total Revenue (and Total Profit) $0 11,000 20,000 27,000 32,000 35,000 36,000 35,000 32,000 27,000 20,000 11,000 0 Refer to Table 2. If the market for water were perfectly competitive instead of monopolistic, how many gallo of water would be produced and sold?3) Bookface, the largest online social media network in the world, is being sued for abusing market power and attempting to create a monopoly. To defend his company, its founder Zark Muckerberg claims that in the social media industry, users want to be on whichever platform their friends are, which makes the creation of monopolies inevitable. Prosecutors, however, disagree. They claim that Bookface has used its market power to drive small companies out of the market. a. Which side is right? b. Please discuss this phenomenon and its sources.Table 2 Imagine a small town in which only two residents, Lisa and Mark, own wells that produce sa drinking water. Each week Lisa and Mark work together to decide how many gallons of water to pump. They bring the water to town and sell it at whatever price the Time left 1:5 bear. To keep things simple, suppose that Lisa and Mark can pump as much water as they want without cost so that the marginal cost of water equals zero. The weekly town demand schedule and total revenue schedule for water is shown in the table below: Quantity (in gallons) 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Select one: Price O a. $60 O b. $20 O c. $40 O d. $70 $120 110 100 90 80 70 60 50 40 30 20 10 0 Refer to Table 2. If Lisa and Mark operate as a profit-maximizing monopoly in the market for water, what price will they charge? Total Revenue (and Total Profit) $0 11,000 20,000 27,000 32,000 35,000 36,000 35,000 32,000 27,000 20,000 11,000 0
- Figure: PPV Price. Costs, $100 Marginal 901 Revenue 80 70 60 50 40 30 20 10 0 MR Quantity (number of subscriptions) (Ref 28-1 Figure: PPV) Use Figure 28-1: PPV. The figure shows the demand and marginal revenue for a pay-per-view football game on cable TV. Assume that the marginal cost and average cost are a constant $20. If the cable company is a monopoly, how much will it produce? a.8 b.4 c.6 d.2Only 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.May and Raj me the only two growers who provide organically grown corn to a local grocery store. They know that if they cooperated and produced less corn, they could raise the price of the com. If they work independently, they will each earn 100. If they decide to work together and both lower their output, they call each earn 150. If one person lowers output and the other does not, the person who lowers output will earn $1 and the other person will capture the entire market and will earn 200. Table 10.6 represents the choices available to Mary and Raj. What is the best choice for Raj if he is sole that Mary will cooperate? If Mary thinks Raj will cheat, what should Mary do and why? What is the prisoners dilemma result? What is the preferred choice if they could ensure cooperation? A = Work independently; B = Cooperate and Lower Output. (Each results entry lists Rajs earnings first, and Marys earnings second.)