An oligopoly is a market in whicha. there are only a few sellers, each offering a product similar or identical to theothers.b. firms are price takers.c. the actions of one seller in the market have no impact on the other sellers’...
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...
Why are they price takers? Perfectly Competitive Markets: There are many types of market structures, including monopoly and oligopoly, and monopolistic competition and perfect competition. Based on several characteristics that exist within perfect competition, firms are price tak...
Answer to: In a competitive market, firms are price takers and will earn zero economic profit in the long run. True OR False. By signing up, you'll...
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 respond ...
A market of price takers is called (a) perfectly competitive. (b) monopolistically competitive. (c) a monopoly. (d) an oligopoly. Define: - Perfect Competition. - Average Variable Cost. - Average Total Cost. In perfect competition, the larger firms will be able to charge a higher price...
The sellers in the perfectly competitive market are price takers. They are called as price takers because, they do not have the flexibility to change... Learn more about this topic: Perfect Competition | Definition, Benefits & Examples
Monopoly firms are price makers as opposed to price takers. a. True b. False Market structures: A market can be defined as a medium through which buyers and sellers come across together so as to carry out an exchange. There are various kinds of markets like perfect comp...
Is OPEC an oligopoly? Discuss. How does price discrimination affect economic efficiency? Why isn't money a factor of production in economics? What are the main characteristics of a competitive market? Why is price inversely related to quantity demanded? How do tariffs aff...
(a) Define and explain perfect competition, monopoly, and oligopoly. (b) Why firms do price discrimination? Describe how one can maximize profit in a perfect competition market? The phrase "perfect competition" is heard a lot when referring to "economic monopoly". What is perfect co...