Oligopolistic markets Group of answer choices typically have lower barriers to entry. are usually thought of as the most efficient market structures. are characterized as having a small number of sellers.
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- In the long run, an oligopoly Multiple Choice will produce less than a monopoly. may be able to earn positive economic profits. will always produce in the range of decreasing returns to scale. will produce on the portion of the demand curve where demand is price-inelastic.Concentration ratios that fall in the range of20 to 40 percent are common for monopolistic competition.70 to 90 percent are common for competitive markets. 30 to 50 percent are common for monopolies. 20 to 40 percent are common for oligopoliesGame theory can be used to demonstrate that oligopolists Multiple Choice rarely consider the potential reactions of rivals. experience economies of scale. can increase their profits through collusion. may be either homogeneous or differentiated.
- Competitive/free market offer (Polypolic)There are enough producers of the same item that market share is determined by quality, price and customer service. Oligopolistic offerMain characteristic: the market is dominated by a few producers. Monopolistic offerImposes its own quality, price and quantity standards Give an example of eachExample of oligopolistic market structureWhich of the following markets would have the least amount of concentrated power? Oligopolistic Monopolistic Competitive Underground
- In an oligopolistic market, one firm is always dominant. products may be standardized or differentiated. the four largest firms account for 20 percent or less of total sales. the industry is monopolistically competitive.In a market where firms are monopolistically competitive: Group of answer choices There is one firm that produces a standardized product. There are few firms, each producing a very differentiated product. There are market participants who are all price takers. There are many firms producing a differentiated product.types of products in monopoly, oligopoly, monopolistic competition and competitive market
- Price leadership represents a situation where oligopolistic firms Multiple Choice reduce their reliance on nonprice competition. form a cartel. face a kinked demand curve. tacitly collude.Local electric or gas utility companies mostly operate in which market structure? Multiple Choice monopolistic competition pure competition pure monopoly oligopolyAn oligopolistic market structure is distinguished by several characteristics, one of which is difficult entry. What are some other characteristics of this market structure? Check all that apply. Market control by many small firms a) Market control by a few large firms b) Mutual interdependence c) Mutual dependence d) Either similar or identical products