Describe the characteristics of monopolistic competition and an oligopoly.Explain the importance of innovation, product development, advertising, and branding under monopolistic competition.Product development, advertising, and the creation of brand names are most likely to have a positive impact on the ...
In a competitive market, firms are price takers and will earn zero economic profit in the long run. True OR False. A monopoly firm is efficient. True False Perfect competition always provides a lower price than monopolistic competition or an oligopoly. a. true b. false ...
Provide real examples of perfect competitive and monopoly markets, and explain how these firms are price takers and price makers. Which of the following market structures is not a price maker? A. Perfect competition B. Monopolistic competition C. Oligopoly D. Monopoly E. All of the ab...
Price to consumers is typically lower in a monopoly market than in a perfectly competitive market if costs of production are the same for monopolist and perfectly competitive firms. P=MC holds for: all firms monopoly oligopoly perfect competition ...
We take a differential game approach to study the dynamic behaviour of\udlabour managed (LM) firms, in the presence of price stickiness. We find that\udthe oligopoly market populated by LM firms reaches the same steady state\udequilibrium allocation as the oligopoly populated by profit-maximising...
A market in which there are 100 firms, each with a 1 percent share of the total market, would most likely be considered an oligopoly. True or False? Answer true or false: If the market price decreases, profit-maximizing firms in competitive markets respon...
Why is there a price rigidity in the oligopoly? Explain why profits get eliminated in competitive markets. Explain why firms decrease supply in a market whenever resource prices rise. Why is a "buy one get one free deal" an example of price discrimination while an ice cream parlour charging ...
2. What are the key characteristics of an oligopoly? 3. Why the Average Total Cost curve is U-shaped in the short-run while it is L-shaped List four assumptions of a perfectly competitive market. What is the main implication of these assumptions for firm behavior? What ar...