Compared to a market with competitive firms, monopoly markets... a. charge lower prices. b. sell fewer units of product. c. have lower consumer surplus. d. all of the above.
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Compared to a market with competitive firms,
a. charge lower prices.
b. sell fewer units of product.
c. have lower
d. all of the above.
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- a. Coca-Cola cuts its price below that of Pepsi-Cola to increase profit. b. A Single firm, protected by a barrier to entry, produces a personal service that has no close substitutes c. barrier to entry exists, but the good has some close substitutes d. A museum offers discounts to students and seniors e. A firm can sell any quantity it chooses at the going price f. A firm experiences economics of scale even when it produces the quantity that meets the entire market demand. 1. Which of the six cases are monopolies or might give rise to monopoly? 2. which are legal monopolies and which are natural monopolies? can any of them price discriminate? if so, why?a. . Coca-Cola cuts its price below that of Pepsi-Cola to increase profit. b. A Single firm, protected by a barrier to entry, produces a personal service that has no close substitutes c. barrier to entry exists, but the good has some close substitutes d. A museum offers discounts to students and seniors e. A firm can sell any quantity it chooses at the going price f. A firm experiences economics of scale even when it produces the quantity that meets the entire market demand. 1. Which of the six cases are monopolies or might give rise to monopoly? 2. which are legal monopolies and which are natural monopolies? can any of them price discriminate? if so, why? 3. What are the distinguishing features of oligopoly? 4. Why are breakfast cereals made by firms in oligopoly? Why isn't there monopolistic competition in that industry? 5. Business Week reported that Energizer is gaining market share against competitor Duracell and its profit is raising despite the sharp rise in the price of zinc,…1. Company A is the only one that can sell a certain number of products in New York City. Firm A faces competition elsewhere in the United States. If Company A is able to price discrimination, a. Will prices in New York City be different from elsewhere? if yes or no, explain your reasons clearly. b. In this case, do you think there will be a high correlation of price movements between New York City and elsewhere? c. What do you think about the existing market structure in New York? please help with your explanation by drawing the required relevance curve.
- If the on-campus demand for soda is as follows: Price (per can) Quantity demanded (per day) 1.50 b. A monopolized market? tA $3.00 $2.75 $2.50 $2.25 30 40 50 60 and the marginal cost of supplying a soda is $2.00, what price will students end up paying in Instructions: Round your responses to two decimal places. a. A perfectly competitive market? $ 2.50 $2.00 $1.75 $1.50 $1.25 80 100 70 90It is often said that a competitive market is more beneficial for the consumers as compared to the monopoly market. Why ? Explain.t 7 out . b. the value of the good to consumers minus the costs of producing the good C. the value of the good to producers minus the cost incurred by consumers d. the value of the good to producers plus the cost incurred by consumers X For which firm can marginal revenue become negative? a. monopoly firms, since price is equal to marginal revenue Ob. competitive firms, since price is equal to marginal revenue c. monopoly firms, since they are facing downward-sloping demand curves ✓ d. competitive firms, since they are facing downward-sloping demand curves ● If a monopolist sells 100 units at $8 per unit and realizes an average total cost of $5 per unit, what is the monopoli a. $200 b. $300 C. $600
- Imagine you are the owner of the Omaha Surfboard Company. You have a branch in Omaha and in Long Beach CA. After some market research you find the following surfboard demand for each market, Omaha Demand: Qo = 1000 – 10P Long Beach Demand: QL = 1000 – 5P Combined/Total Demand: Q = 2000 – 15P Your marginal cost is constant at $40. a. Find your price and quantity if you treated the market as a single entity with a single price. What is your profit? (Hint: find Marginal Revenue and set equal to MC) b. If you treat each market separately, what is P and Quantity in each market, and final profit?Comparing a perfectly competitive market to a monopoly, which of the following is true? a. Price will be higher and quantity will be lower in the perfectly competitive market than in the monopoly. b. Price will be equal to marginal revenue in the perfectly competitive market but will be higher than marginal revenue in the monopoly. c. at that point on the market demand curve which intersects the marginal cost curve. d. Price will be higher than marginal cost in the perfectly competitive market but will be equal to marginal cost in the monopoly.A natural monopoly occurs when A. one firm can supply the entire market at a lower price per unit than two or more firms can. B. a few firms collude to act as a single firm. C. one firm owns all the vital resources needed to produce a particular good. D. one firm captures all the consumer surplus.
- A product market has only one seller.. There are no close substitutes for the product. What type of market is this and how does it set prices? Select one: a. It is an example of monopolistic competition where firms charge the same price. b. It is an example of perfect competition with market power. c. It is an example of a monopoly which set prices based on market demand. d. There is no way to tell where prices come from without knowing what the product is. e. It is a monopolistically competitive firm that can charge whatever it wants to charge.Competition determines market price because the more that toy is in demand (which is the competition among the buyers), the higher price the consumer will pay and the more money a producer stands to make. ... Greater competition among sellers results in a lower product market price.A market structure that is “monopoly” is NOT ... Group of answer choices a. production efficient b. allocation efficient c. neither allocation nor production efficient
