Match each statement with the appropriate market structure:A. OligopolyB. Monoplistic CompetitionC. Competitive MarketD. Monopoly? ✓ 1. A structure where many firms sell similar, but not identical products? v 2. A market where a few large firms control the market?3. A market structure with many firms selling identical products? ✓4. A market where only one firm is selling a product

Match each statement with the appropriate market structure: A. Oligopoly B. Monoplistic Competition C. Competitive Market D. Monopoly 2. ? V 1. A structure where many firms sell similar, but not identical products 2. A market where a few large firms control the market 3. A market structure with many firms selling identical products ? 4. market where only one firm is selling a product

Match each statement with the appropriate market structure: A. Oligopoly B. Monoplistic Competition C. Competitive Market D. Monopoly 2. ? V 1. A structure where many firms sell similar, but not identical products 2. A market where a few large firms control the market 3. A market structure with many firms selling identical products ? 4. market where only one firm is selling a product

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter16: Monopolistic Competition

Section: Chapter Questions

Problem 4PA

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A firm is operating in the United States with only two other competitors in the industry. a. It is likely this industry would be characterized as: multiple choice 1 perfectly competitive. pure monopoly. monopolistically competitive. oligopoly. b. Firms in this industry will likely earn: multiple choice 2 an economic loss. an economic profit. a normal profit. c. If foreign firms begin supplying the product, increasing the number of competitors, it is likely that: multiple choice 3 economic profits will increase. economic losses will become smaller. economic profits will fall. normal profits will increase.
Question 1a. With the aid of a diagram explain how a monopolist determines how muchoutput to produce and what price to charge. [4 marks]b. Explain how the perfectly competitive firm decides whether to operate or shutdown in the short run. [4 marks]c. Explain why firms operating in monopolistically competitive markets probablywill not earn an economic profit in the long run. [4 marks]d. Why does interdependence of firms play a major role in oligopoly but not inperfect competition or monopolistic competition? [4 marks]
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II. Answer the following T/F questions a. b. C. d. e. Tor F, an oligopolist, like the monopolist, earns LR economic profits. Tor F, retail clothing stores are classified as an oligopoly market structure. T or F, the monopolistic competitor and the oligopolist do not engage in non-price competitive strategies. T or F, the oligopolist reaches both productive and allocative efficiency in the long run. T or F, a monopolistic competitor sells a differentiated product giving them the ability to have some price control.
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Describe the various types of market structures (perfect competition, monopoly, oligopoly, monopolistic competition) and their characteristics..
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