1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Trava [24]
3 years ago
8

Market structures For each of the following scenarios, determine which market model best describes the scenario. Then identify t

he number of firms, the type of product, and the ease with which new firms can enter the market under this market structure.Scenario Number of Firms Type of Product Entry Market ModelMany small shops sell different styles of sweaters. Some stores sell higher-quality and more expensive sweaters then other stores. Hundreds of high school students who require tutoring in algebra choose among dozens of tutoring companies offering similar services. Four Internet providers offer similar services to almost everyone in the city. Any new company would have to engage in a price war with the existing companies. Only one pharmaceutical company has a government patent to sell an experimental drug.options: 1. few/many/one 2. differtiated/standard/unique/anything 3. impossible/challenging/easy 4. oligopoly/monopoly/price-taker/price-searcher
Business
1 answer:
pantera1 [17]3 years ago
4 0

Answer:

Please refer explanation

Explanation:

A. Many small shops sell different styles of sweaters. Some stores sell higher-quality and more expensive sweaters then other stores.

1. many

2. differentiated

3. easy

4. price-searcher

Monopolistic competition is whereby there are many firms selling similar products and services but are not perfect substitutes. They may be different in quality, design or style. Barriers to entry are low and any one firm’s decision does not necessary affect all others. These firms tend to have limited price setting powers and they make use of heavy adverting and brand differentiation.

B. Hundreds of high school students who require tutoring in algebra choose among dozens of tutoring companies offering similar services.

1. many

2. standard

3. easy

4. price-taker

Perfect competition is a market structure where there are many firms selling homogenous or commodity products, such as a fruit or vegetable vendor. They do not have the ability to influence the price and they take the price that they receive. There is free flow of information between sellers and buyers regarding the goods sold as well as the prices of goods and services sold. Firms can easily enter and exit the market.

C. Four Internet providers offer similar services to almost everyone in the city. Any new company would have to engage in a price war with the existing companies.

1. few

2. standard

3. challenging

4. oligopoly

Oligopoly is an imperfect market structure with a small number of firms who are impacted by each other’s actions. Oligopolies may collide either explicitly or tacitly in order to restrict output or fix prices and achieve above normal market returns. Government policies and regulations are placed to encourage or discourage oligopolistic behavior and ensure that consumers are not exploited.

D. Only one pharmaceutical company has a government patent to sell an experimental drug.

1. one

2. unique

3. impossible

4. monopoly

A monopoly refers to a single company dominating the market in an industry. It has a proportionately large market share. This can be due to an absence of proper restraints. They have control of the price in the market for that product. There are very large batters to entry and exit, they exploit economies of scale and are able to make abnormal profits in the industry.

You might be interested in
When aggregate demand is high enough to drive unemployment below the natural rate:_________
ad-work [718]

Answer:

e. there is downward pressure on the price level, and the government may want to conduct expansionary fiscal policy.

Explanation:

At the time of boom in the economy, the unemployment rate is beneath than the rate i.e. natural also it gives rise to the growth of the economy, along with it the expenditures, consumer spending also increased that ultimately increased the disposable income.

This results in the upward movement in terms of pressure on the aggregate demand that leads to a rise in the level of price and the real GDP also rises which reduced the unemployment

But when the aggregate demand is less so there is a downward pressure on the price as the level of price declines so that the aggregate demand increased and it is requirement made by the government for an  expansionary fiscal policy that give increased in government spending or taxes decreased in order to raise the aggregate demand

6 0
3 years ago
A government agency has assigned a staff member to investigate complaints about employment discrimination at XYZ Corporation. Fo
lapo4ka [179]

Answer:

EEOC

Explanation:

The staff probably work for Equal Employment Opportunity Commission (EEOC), an agency designed to analyse the implementation of federals laws. The agency is liable to visit corporations to investigate the discrepancies, and to ensure that the laws are implemented. They enforced the laws, and investigate the complains of the general public regarding employment discrimination.

5 0
3 years ago
When you gather primary or secondary data, whal part of the market information management process are you
charle [14.2K]
The answer you are looking for is B
6 0
2 years ago
Anna has worked for the Nutty Boys Nut Butter Company for several years now and was recently recognized as one of the company's
sammy [17]
A


Social media


Social media is so fun you can talk to who ever one to talk to
7 0
3 years ago
ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual
frozen [14]

Answer:

the variable overhead efficiency variance is $1,840 unfavorable

Explanation:

The computation of the variable overhead efficiency variance is shown below:

= Standard variable overhead rate × (standard hours - actual hours)

= $4.60 × (10,600 - 11,000)

= $1,840 unfavorable

Hence, the variable overhead efficiency variance is $1,840 unfavorable

As the standard hours would be less than the actual hours so it would be unfavorable variance

7 0
3 years ago
Other questions:
  • The second step a clinician takes after meeting with a client is:
    12·1 answer
  • Ok 1 more!!!!!!!!!!!!!!!!!!!!
    9·1 answer
  • What is DYS Camp Avery?
    6·1 answer
  • Blue Co. has a patent on a communication process. The company has amortized the patent on a straight-line basis since 2014, when
    8·1 answer
  • The principle of exceptions allows managers to focus on correcting variances between________.
    9·1 answer
  • A firm in a purely competitive industry is currently producing 1,200 units per day at a total cost of $700. If the firm produced
    8·1 answer
  • This is a piece of information that is used to support a main idea. definition
    14·2 answers
  • In Fontainebleau Hotel v. Eden Roc, the Eden Roc Hotel sued the Fontainebleau Hotel when Fontainebleau began erecting a 14-story
    12·1 answer
  • Serge supervises toolmakers who make custom parts for the engineering department before these parts go into production. Deshaun
    15·1 answer
  • Your and your business partner bake bread to be sold at the Madison Farmer's Market every Saturday. You calculate the underage c
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!