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Define the various features of oligopoly market .
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- When a monopolist identifies its profit-maximizing quantity of output, how does it decide what price to charge?When OPEC raised the price of oil dramatically in the mid-1970s, experts said it was unlikely that the cartel could stay together over the long term-that the incentives for individual members. to cheat would become too strong. More than fort),r years later, OPEC still exists. Why do you think OPEC has been able to beat the odds and continue to collude? Hint: You may wish to consider non-economic reasons.Suppose that the market for e-readers is an oligopoly controlled by Amazon.com , Barnes and Noble,Sony, and Apple. Barnes and Noble is consideringincreasing its output. How would this affect themarket price? How would it affect the profits ofeach company?
- This chapter discusses companies that areoligopolists in the markets for the goods they sell.Many of the same ideas apply to companies that areoligopolists in the markets for the inputs they buy.a. If sellers who are oligopolists try to increase theprice of goods they sell, what is the goal of buyerswho are oligopolists?b. Major league baseball team owners have anoligopoly in the market for baseball players. Whatis the owners’ goal regarding players’ salaries?Why is this goal difficult to achieve?c. Baseball players went on strike in 1994 becausethey would not accept the salary cap that theowners wanted to impose. If the owners werealready colluding over salaries, why did they feelthe need for a salary cap?why demand curve in oligopoly market is downward slpoping?how would you figure out what to charge for your good/service that you are selling in a duopoly?
- Please explain in your own words the following concepts of Monopolistic competetion model: 1. number of firms 2. Long Run equilibrium 3. closing/opening to trade 4. average costs and price Also please help me understand whe you would use this model vs any other ones.How does a monopolist decide how much to produce to maximize its profit? Explain. Please don,t copy from anywhere. Please answer step by step. if posssible use graph.The graph below shows the demand and marginal cost curves for the monopolist Mr. Peanut. a. Draw the marginal revenue curve. Plot only the endpoints of the graph below. Costs and revenues 110 100 90 80 70 60 50 40 30 20 10 0 D MC 25 50 75 100 125 150 175 200 225 250 Quantity per period Tools marginal revel
