Answer to: When deciding whether the market is an oligopoly or not, there is no magical number of firms that defines an oligopoly. a. True b. False...
Antitrust legislation seeks to correct the market failure by ensuring that all firms in the industry earn an economic profit. a. True b. False True or false? In the long run, firms operating in perfect competition and monopolistic competition ...
In the short-run, in a purely competitive market, the market participants are believed to have an incentive to either enter or exit the market, whereas in the long run the market is assumed to be at the equilibrium point which eventually restricts the ...
What does a pure monopolist have in common with a purely competitive firm? Describe how an industry characterized by a pure monopoly differs from a purely competitive industry? In which market structure(s) are there no economic profits in the long run? a. pure competition b. pure monopoly ...
One reason that there has not been greater resilience against this trend, some have argued, is that Americans have become apathetic about democracy – in part because it is so long since they experienced the downsides of tyranny. Although governments do hold power over countries’ economies, it ...
and with a captive audience of millions that have hundreds of games in their libraries, there's a lot that it could do to try and make more money than the service already does. It's in a monopolistic position, it's just that the company is run by people that don't want to abuse ...
Isaiah Industries has been put on allocation from the metal mills. The days of being able to place orders and know that we will receive the metal we need when we need it are long gone. Manufactures now tell us how much they can sell us. And even at that, the...
With the characteristics of monopolistic competition in mind, please explain why monopolies can enjoy long run profits, but firms under monopolistic competition face a zero-profit long run equilibrium Why does a monopoly face a downward sloping marginal revenue curv...
The model's critics question how often oligopolies compete on quantity rather than price. French scientist J. Bertrand attempted to rectify this oversight in 1883 by changing the strategic variable choice from quantity to price.2The suitability of price rather than quantity as the main variable in...
producer receiving less profit from the item and the customer paying a higher price. This results in lower consumption of the item than previously, which reduces the overall benefits the consumer market could have received while simultaneously reducing the benefit the company may see in regard to ...