Monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.
<h3>
What is a monopoly?</h3>
- A monopoly occurs when there is a single seller in the market.
- The monopoly case is considered the polar opposite of perfect competition in conventional economic theory.
- The demand curve facing the monopolist is, by definition, the industry demand curve, which is downward sloping.
<h3>What is
oligopoly?</h3>
- Oligopolistic markets are characterized by a small number of suppliers.
- They can be found in all nations and in a wide range of industries.
- Some oligopoly markets are very competitive, whereas others are substantially less so, or appear to be.
Monopolistically competitive enterprises, unlike monopolies and oligopolies, cannot influence market prices only through their size.
Therefore, monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.
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Correct question:
The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive firms.
(A) cannot influence the market price by virtue of their size alone.
(B) are price takers.
(C) do not have a price as a decision variable.
(D) benefit from barriers to entry.
Answer:
that he should reduce his prices. Yachts are luxury goods and therefore exhibit a high price elasticity of demand. Thus, reducing prices would increase revenue.
Explanation:
Luxury goods usually have a high elasticity of demand when compared with necessity goods which are highly inelastic.
An elastic demand means that a change in price would have a considerable impact on quantity demanded.
Therefore, if the price of the yachts which is a luxury good with high elasticity is reduced, demand for yachts would increase and revenue would increase.
Answer:
c. There is a direct relationship between a good’s price and the amount offered for sale by suppliers.
Explanation:
According to the law of supply concept, it shows a direct relationship between the price and the quantity supplied.
As the price is rising, the quantity supplied also increases and if the rice is declining, the quantity supplied is also decreases
Since the supply curve slopes upward in the right direction which reflects the direct relationship between the price and the quantity supplied.
Yes it is at the all the way at the end of it
