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What are characteristics of oligopoly?
An oligopoly is characterized by a market with a few firms having a negligible effect on price.
When a few firms in an industry account for a large portion of total industry sales the industry is considered to be?
When a few firms in an industry account for a large portion of total industry sales, the industry is considered to be oligopolistic. In an oligopoly, a small number of firms dominate the market, leading to limited competition and the potential for collusion among the major players. This structure can result in higher prices and less innovation compared to more competitive markets.
Which reduces competition in an industry?
Patent laws, Freedom of entry for new firms, An increase in the number of producers , An increase in the number of buyers
Is the automotive industry considered an oligopoly?
Yes, the automotive industry is considered an oligopoly because it is dominated by a small number of large firms that have significant control over the market.
How do you find the number of firms?
To find the number of firms in a specific industry or market, you can use a combination of methods such as analyzing industry reports, accessing databases like Dun & Bradstreet or IBISWorld, and reviewing government statistics or business registries. Surveys and market research can also provide insights into the competitive landscape. Additionally, you can look into trade associations that often keep track of their members, which can give a clearer picture of the number of active firms.
An industry is best defined as a group of firms that?
An industry is best described as a group of firms
What are characteristics of oligopoly?
An oligopoly is characterized by a market with a few firms having a negligible effect on price.
What is the definition of expanding industry?
An industry whose firms earn economic profits and for which an increase in output occurs as new firms enter the industry.
Which reduces competition in an industry?
Patent laws, Freedom of entry for new firms, An increase in the number of producers , An increase in the number of buyers
What is consolidated industry?
As an industry matures, fragmentation overcomes and industry tends to become a consolidated industry dominated by a few large companies. If a small number of firms controls a large share of the industry's output or sales, it is a consolidatedindustry.
Is the automotive industry considered an oligopoly?
Yes, the automotive industry is considered an oligopoly because it is dominated by a small number of large firms that have significant control over the market.
What is horizontal and covers similar types of firms and operating practices of the firms?
industry analysis
Distinguish between a firm and an industry?
A firm is an entity where as an industry is a group of firms.
What is reasonable accounts receivable turnover ratio?
Answer:It depends on the industry. For grocery stores, it can be as high as 80. For firms in the manufacturing a number around 5-7 is more common. Accounts receivable turnover for firms in the service industry would be somewhat higher, 7-10.
What criteria is used to classify a firm as small?
The criteria used to classify a firm as small can vary by country and industry, but common factors include number of employees, annual revenue, and industry-specific measures like production output or assets. Small firms are typically characterized by having fewer resources and operating at a smaller scale compared to larger companies in their industry.
How many firms made flatgoods in 1972?
Approximately 244 firms were classified as manufacturers in this industry in 1972
How many firms made flatgoods in 1987?
Approximately 208 firms were classified as manufacturers in this industry in 1987
