The covid-19 virus has caused a high demand for three brands of vaccines Johnson and Johnson, Pfizer-BioNTech, and Moderna. Considering the demand and the competition in the market they have decided to act as one seller. These firms may be categorized as _________________________. Monopolist Oligopolist Cartel None of above

The covid-19 virus has caused a high demand for three brands of vaccines Johnson and Johnson, Pfizer-BioNTech, and Moderna. Considering the demand and the competition in the market they have decided to act as one seller. These firms may be categorized as _________________________. Monopolist Oligopolist Cartel None of above

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter16: Monopolistic Competition

Section: Chapter Questions

Problem 4PA

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If members of an oligopolistic industry wish to maximize profits for the industry, they will likely charge prices that are what a monopoly would charge and all together produce a quantity that is will produce. what a monopoly Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a greater than; equal to b equal to; higher than c greater than; higher than d equal to; equal to
country where wine is difficult to grow. The demand for wine is given by p = $480 - .2Q, where p is the price and Q is the total quantity sold. The industry consists of just the two Cournot duopolists, Grinch and Grubb. Imports are prohibited. Grinch has constant marginal costs of $6 and Grubb has marginal costs of $45. How much Grinch's output in equilibrium? | a) 1,350 b) 2,025 c) 337.50 d) 675 e) 1,012.50
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.
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.
QUESTION 7 Price (dollars per ride) 16 H 2000 13 12 11 10 9 8 HE 0 40 80 In the scenario above, the market is a natural duopoly. ATC 120 160 200 Quantity (rides per day) In the figure, D is the demand curve for taxi rides in a town, and ATC is the average total cost curve of a taxi company. D monopolistically competitive. a natural oligopoly with three firms. a natural monopoly.
PRICE (Dollars per can) 2.00 1.80 1.60 Demand 1.40 1.20 1.00 + 0.80 0.60 0.40 0.20 MC=ATC MR 0 15 30 45 60 75 90 105 120 135 150 QUANTITY (Thousands of cans of beer) Monopoly Outcome When they act as a profit-maximizing cartel, each company will produce information, each firm earns a daily profit of $ cans and charge $ so the daily total industry profit in the beer market is $ per can. Given this Oligopolists often behave noncooperatively and act in their own self-interest even though this decreases total profit in the market. Again, assume the two companies form a cartel and decide to work together. Both firms initially agree to produce half the quantity that maximizes total industry profit. Now, suppose that Mays decides to break the collusion and increase its output by 50%, while McCovey continues to produce the amount set under the collusive agreement. Mays's deviation from the collusive agreement causes the price of a can of beer to $ while McCovey's profit is now $ Mays increases…
Graph shows the cost and revenue information for Shitotsu the monopolist. What are the levels of price, output, total (sales) revenue. and total profits if the monopolist were to produce at the positions (a) through (d) indicated in table below? Costs and revenues 30 27 24 21 18 15 9 6 3 0 3 6 9 12 15 Quantity per period 18 21 MR D=AR MC AC
Suppose that firms’ marginal and average costs are constant and equal to c and that inverse market demand is given by P = a – bQ, where a, b> 0. a. Calculate the profit-maximizing price-quantity combi- nation for a monopolist. Also calculate the monopolist's profit. b. Calculate the Nash equilibrium quantities for Cournot duopolists, which choose quantities for their identical products simultaneously. Also compute market output, market price, and firm and industry profits.
1. Assume the market demand for carbonated water be given by QD = 200 − 5P. Assuming there are two firms (A and B) producing carbonated water, each with a constant marginal cost of $ 2. a. What is the market equilibrium price and quantity when each firm behaves as a Cournot duopolist choosing quantities? What profit does each firm earn? b. What is the market equilibrium price and quantity when each firm behaves as a Bertrand duopolist choosing price? What firm profit does each firm earn now?
4:21 lLTE Work 13. In the Nash equilibrium of a prisoner's dilemma: 14. Suppose Acme and Mega produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product 4 3 2 D 0 0 50 200 100 150 Quantity Suppose Acme and Mega decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Mega cheats on the agreement by red ucing its price to $1 and Acme matches the price cut, then if consumers are evenly split between the two firms, Acme's economic profit will be Price ($/unit)
Question 16 Monopolistic Competition -- Questions 16-20 refer to Figure 6-2 below. This figure depicts a situation in a monopolistically competitive market. Figure 6-2 105 100- MC 95 90+ ATC 70 65 60 55 30 45 40 35 30 25 20 15 10+ MR Demand +++ s 10 is 20 25 30 35 40 4s s0 ss 60 6s 70 7s so as 90 95 10010s1101is120 Refer to Figure 6-2. What quantity will the monopolistically competitive firm charge in this market?
D2L 9.1 How Monopolies Form: Ba × Tutor - Solution Page 1 of 1 | H X Lesson 9.1 How Monopolies F EC-321-001 Test #3 JSU (Dr. B b Answered: esc Question 10 of ← → CO learn.hawkeslearning.com/Portal/Lesson/lesson_certify#! Question 10 of 11, Step 1 of 1 7/11 Correct + 0 A natural monopoly occurs when the quantity demanded is less than the minimum quantity at the bottom of the long-run average cost curve. The bottom of long-run average cost curve corresponds to the outputs with lowest average cost. To identify the average cost of each output quantity, divide total cost by the appropriate quantity. Total cost ($) Average cost ($) Quantity (units) 1,000 $5,500 $5.50 1,250 $6,250 $5.00 1,500 $6,750 $4.50 1,750 $7,875 $4.50 2,000 $12,000 $6.00 2,250 $15,750 $7.00 According to the obtained values, the bottom of long-run average cost curve corresponds to an average cost of $4.50, which appears at the minimum output of 1,500 units. Equilibrium is the only price where quantity demanded is equal…