1) The equilibrium quantity in markets characterized by oligopoly is often A) higher than in monopoly...

1) The equilibrium quantity in markets characterized by oligopoly is often

A) higher than in monopoly markets and lower than in perfectly Competitive markets

B) lower than in monopoly markets and higher than in perfectly competitive markets

2) Which of the following goods is more likely to be traded in a Oligopoly market?

-wireless service

-electricity

-tomaotes

-tap water

-chocolate bars

-pizza

Expert Solution

1 - Option A

Higher than monopoly market but lower than perfectly competitive market

This is because in oligopoly , number of firms are greater than monopoly , thus output will be more than monopoly , but it has lesser firms that perfectly competitive market , hence output will be lesser than competitive market

2 - Option A

Wireless service.

This is because there are likely to be very few firms in the market , providing the wireless services. Everyone cannot enter this market hence there are restrictions. Hence this market will comprise oligopoly.

Electricity and water will more be monopoly , tomato will be competitive market and chocolate and pizza will be monopolistic. Hence option A will be correct

Rahul Sunny answered 2 years ago

Similarities and differences in Oligopoly and monopoly markets

1) Describe (in words) what markets characterized by MONOPOLY “look like.” Be sure to address what...

1) Describe (in words) what markets characterized by MONOPOLY “look like.” Be sure to address what happens to prices of goodsorservices, shifts in producer and/or consumer surplus and deadweight losses, if any. 2) Define oligopoly. How does oligopoly differ from monopoly? What do markets “look like” in oligopoly situations? Address issues of market efficiency and deadweight losses.

1. Select 2 types of competitive markets: perfect competition, monopoly, monopolistic competition, oligopoly.

1. Select 2 types of competitive markets: perfect competition, monopoly, monopolistic competition, oligopoly. 2. Explain selected 2 markets. Provide a table where you will compare characteristics. of each market, for example, how many companies operate in this market, are they selling the identical product, when are they maximizing their profit...etc.. 3. Select 2 companies that are operating in each of these markets (one company per market). It can be global company or Uzbek company or combination of both. Provide...

37. P=MC for firms only in: a. Monopoly markets. b. Oligopoly markets. c. Perfectly competitive markets....

37. P=MC for firms only in: a. Monopoly markets. b. Oligopoly markets. c. Perfectly competitive markets. d. Monopolistically competitive markets. 41. If a firm produces no output, its only cost will be: a. It’s variable cost. b. It’s fixed cost. c. It’s marginal cost. d. None of the above. 44. A distinguishing characteristic of monopolistic competition is: a. Price discrimination. b. Product differentiation. c. High barriers to entry. d. Profits in both the short and long-run. 48. In monopolistic competition,...

For an economy in equilibrium (i.e. in all of that economy's markets, quantity demanded equals quantity...

For an economy in equilibrium (i.e. in all of that economy's markets, quantity demanded equals quantity supplied and thus no shortages or surpluses), a given industry can expand only at the expense of other industries. Why? Workers might be put out of jobs, so there must be a public unemployment insurance program that will be funded through taxes imposed on other industries. At any moment, the factors of production are limited; one industry can be expanded only by diverting to...

A. Graph the equilibrium price and quantity if Apple operates as a monopoly. B. Using the...

A. Graph the equilibrium price and quantity if Apple operates as a monopoly. B. Using the graph, identify the equilibrium price and quantity if the cell phone industry was perfectly competitive. C. If a per unit tax is imposed on phone producers, will the tax cause a larger change in quantity if Apple operates as a monopoly or a perfectly competitive firm? Why?

Emerging markets are often characterized by a lack of relevant market infrastructure (institutional voids). What are...

Emerging markets are often characterized by a lack of relevant market infrastructure (institutional voids). What are relevant institutional voids for Jababeka and how the company coped with these?

A government-owned monopoly is more likely to: 1. provide a greater quantity of output than a...

A government-owned monopoly is more likely to: 1. provide a greater quantity of output than a private one. 2. provide output at a lower price than a private one. 3. serve public interest than maximize profit. 4. All of these statements are true.

Write an essay describing the following types of markets: Perfect Competition, Monopolistic Competition, Oligopoly and Monopoly....

Write an essay describing the following types of markets: Perfect Competition, Monopolistic Competition, Oligopoly and Monopoly. Describe each market in terms of the number of producers, how products would be classified (homogoneous, differentiated, etc.), the level of market power, the extent of barriers to entry and the type of profit experienced by firms in each (zero, normal or above normal profit). Give an example of a firm or product market for each type of competition. A short paragraph explaining each...

1. Assume that the structure of the airline industry is characterized as an oligopoly. Airline D...

1. Assume that the structure of the airline industry is characterized as an oligopoly. Airline D observes that if it raises its price, the other airlines do not follow the change, but if it lowers its price, the other airlines always follow the change. Describe the shape of Airline D's demand curve. 2. Explain why the present value of the cash flow expected to be created by the acquisition of a business will decline as the risk of that acquisition...

Question