Question

According to Hotellings Paradox, an industry with a small number of sellers with large market shares will often end up offeringproducts that are highly (16)_______

and are aimed at the (17)_______of the market.

When firms in an oligopoly have a tacit agreement to "follow the leader" in raising prices, iit  is called (18)     _

Oligopolies often have a demand curve that is (19)__________above the present price

because  if  they (20)______their prices, their rivals will NOT match them.

Their demand curve is (21)_________  below the present price because if they

(22)____    their prices the rival firms WILL do the same thing.

23) Under Monopolistic Competition, firms will produce with _______capacity in the long run.

24) Firms in an Oligopoly usually have very ________start up costs for advertising and marketing.

25) The type of industry where firms produce “differentiated” products is an ________________

Answer 1

According to Hotellings Paradox, an industry with a small number of sellers with large market shares will often end up offering products that are highly (16)differentiate

and are aimed at the (17)_______of the market.

When firms in an oligopoly have a tacit agreement to "follow the leader" in raising prices, iit is called (18) cartel

Oligopolies often have a demand curve that is (19) relatively elastic above the present price because if they (20) increase their prices, their rivals will NOT match them.

Their demand curve is (21)inelastic below the present price because if they (22) lower their prices the rival firms WILL do the same thing.

23) Under Monopolistic Competition, firms will produce with _______capacity in the long run.

24) Firms in an Oligopoly usually have very high and aggressive start up costs for advertising and marketing.

25) The type of industry where firms produce “differentiated” products is an monopolistic competition

Sorry fir 17 and 23

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