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Is cigarette market a perfectly competitive market?
There is no such thing as a perfectly competitive market. It is merely a economic model to compare other market structures to. Cigarette market is more likely a oligopoly.
What would the equilibrium price and quantity be in a oligopoly market?
In an oligopoly market, the equilibrium price and quantity are determined by the interdependent pricing and output decisions of a few dominant firms. These firms often engage in strategic behavior, such as price collusion or price wars, which can lead to higher prices and lower quantities compared to a competitive market. The equilibrium is reached when firms balance their production levels with market demand while considering their competitors' actions. As a result, the equilibrium price may be higher and the quantity lower than in more competitive market structures.
Is comcast a monopoly or oligopoly market structure?
Oligopoly
How can one calculate the deadweight loss in a monopoly market?
To calculate the deadweight loss in a monopoly market, you can compare the quantity of goods produced and consumed in a competitive market to the quantity produced and consumed in a monopoly market. The deadweight loss is the loss of economic efficiency that occurs when the monopoly restricts output and raises prices above the competitive level. This results in a reduction in consumer surplus and producer surplus, leading to a net loss in overall welfare.
Which is the market structure of the media industry?
Market structure of the media industry: Oligopoly
Is cigarette market a perfectly competitive market?
There is no such thing as a perfectly competitive market. It is merely a economic model to compare other market structures to. Cigarette market is more likely a oligopoly.
What would the equilibrium price and quantity be in a oligopoly market?
In an oligopoly market, the equilibrium price and quantity are determined by the interdependent pricing and output decisions of a few dominant firms. These firms often engage in strategic behavior, such as price collusion or price wars, which can lead to higher prices and lower quantities compared to a competitive market. The equilibrium is reached when firms balance their production levels with market demand while considering their competitors' actions. As a result, the equilibrium price may be higher and the quantity lower than in more competitive market structures.
Is kmart a oligopoly business?
Kmart operates in the retail sector, which is characterized by a mix of competitive dynamics, including elements of both oligopoly and competition. While Kmart competes with other large retailers like Walmart and Target, the presence of many smaller stores and online retailers means it does not strictly fit the definition of an oligopoly. Instead, it is part of a competitive market with a few dominant players. Overall, Kmart's market situation is better described as part of a competitive landscape rather than a true oligopoly.
Explain why a monopolist must lower its quantity relative to a competitive market to maximize its profits?
A monopolist must lower its quantity relative to a competitive market to maximize its profits because the monopolist already controls and owns the largest share of the market.
Is comcast a monopoly or oligopoly market structure?
Oligopoly
Which is the market structure of the media industry?
Market structure of the media industry: Oligopoly
What is market structure in the media industry?
Oligopoly :)
How can one calculate the deadweight loss in a monopoly market?
To calculate the deadweight loss in a monopoly market, you can compare the quantity of goods produced and consumed in a competitive market to the quantity produced and consumed in a monopoly market. The deadweight loss is the loss of economic efficiency that occurs when the monopoly restricts output and raises prices above the competitive level. This results in a reduction in consumer surplus and producer surplus, leading to a net loss in overall welfare.
Why a monopolist must lower its quantity relative to a competitive market to maximize its profits?
A monopolist has to lower its quantity relative to the competitive market to maximize profits because the monopolist is already in control of the biggest part of the market. This means that because they're already in control, to keep the market competitive they need to release the same amount of product as their competition.
What is meant by market structure?
An oligopoly is an intermediate market structure between the extremes of perfect competition and monopoly. Oligopoly firms might compete (noncooperative oligopoly) or cooperate (cooperative oligopoly) in the Marketplace.
In a competitive market the equilibrium price and quantity occur where?
When demand curve intersects the supply curve.
Can you use oligopoly in a sentence?
Oligopoly is a market with small number of buyers and sellers.
