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Barriers to entry may lead to:
A.
B.
C. oligopoly only
D. monopoly or oligopoly
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- With the aid of a diagram explain how a monopolist determines how muchoutput to produce and what price to charge. b. Explain how the perfectly competitive firm decides whether to operate or shutdown in the short run. c. Explain why firms operating in monopolistically competitive markets probablywill not earn an economic profit in the long run. d. Why does interdependence of firms play a major role in oligopoly but not inperfect competition or monopolistic competition?What is the market structure that best suits the above firm? PRICE (Dollars) 22 10 10 ATC 20 30 40 60 60 70 80 90 100 QUANTITY (Units) a. Perfect competition b. Natural monopoly c. Oligopoly d. None of the above.What is the difference between a supply curve in perfect competition and supply curve in Monopoly. What conditions must exist in order for a monopolist to achieve economic profits in the long run? Explain any 2 barriers to entry in Monopoly.
- Market Structure a. In the short run, if a perfectly competitive firm produced at the quantity of productive efficiency, would it generate the highest profit level possible? Why or why not? b. Draw a graph to represent a natural monopoly and describe the circumstances that would permit natural monopoly to exist. Would it be wise for government to break up natural monopolies? Give some examples of natural monopoliesImagine that in a certain industry (choose any) monopolistic competition is replaced by monopoly. a. As a result of what can this happen? Describe a possible scenario. b. Using demand, marginal cost, and marginal revenue graphs, show how this decrease in competition will change market prices. Make appropriate comments on the graphs, paying special attention to the direction of changes. c. Describe what changes may occur in the methods of competition if the firm becomes a monopolyAs long as _________ exist, a monopolist can earn positive profits in the long run A.Entry barriers B.Maximum prices C.Brands
- Which of the following is a characteristic shared by a perfectly competitive firm and a monopoly? Select one: a. Each must lower its price to sell more output. b. Each sets a price for its product that will maximise its revenue. c. Each maximises profits by producing a quantity for which marginal revenue equals marginal cost. d. Each maximises profits by producing a quantity for which price equals marginal cost. e. Each minimises average total cost by producing a quantity for which price equal average revenueWhat is a difference between oligopoly and monopolistic competition? Oligopolists consider the actions and reactions of their competitors. Oligopolists only compete with monopolists. U Monopolistic competitors act like monopolies and oligopolists do NOT. Monopolistic competitors can make long-run profits.In economics, what is the term for a market with only one seller, producing a unique product with no close substitutes? A. Oligopoly B. Monopolistic competition C. Perfect competition D. Monopoly
- The graph below represents sales per week of ABC Inc. Ltd, a monopoly multinationalenterprise that supplies Hi-tech components. Use the graph to answer the questionsthat follow.i. State the elasticity of the monopoly firm demand curve. ii. Considering the figure, examine the benefits of the characteristics of themonopoly demand curve to ABC Inc. Ltd.iii. Suppose the demand and cost curves result in ABC Inc. Ltd earning aneconomic profit. Do you think ABC Inc. Ltd firm will earn profit in the long run? Explain your answer. Assume all factors constant.iv. Examine the effects of ABC Inc. Ltd on consumers.1. What is market structure? 2. Describe oligopsony and give an examples. 3. Distinguish monopoly from duopoly. 4. What are the problems in monopoly? 5. Explain monopsony.