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Which market model assumes the least number of firms in an industry?
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What kind of market structure is gm?
The market structure is called oligopoly. Oligopoly is a market structure characterized by a small number of relatively large firms that dominate an industry.
The market structure that is characterized by a small number of large firms that have some market power is called?
The market structure that is characterized by a small number of large firms that have some market power is called
Why would the music industry be an example of an oligopoly?
The music industry is dominated by a few large firms which dominate the market, thus enabling the industry to exert its market influence. They also partake in collusion to ensure that barriers to entry into the music industry remain high for new firms to enter. The characteristics of an oligopoly are as follows: Few, large number of firms dominate the market. High barriers to entry Long run abnormal profits Price makers- have the ability to determine market price. Maximise profits where MC=MR. The music industry fits into the above characteristics and therefore is considered to be an oligopoly.
True False An industry consists of all firms that supply output to a particular market?
yes
What type of industry with 20 firms has a concentration ratio of 30?
this would be considered to be a low Oligopoly market
What kind of market structure is gm?
The market structure is called oligopoly. Oligopoly is a market structure characterized by a small number of relatively large firms that dominate an industry.
The market structure that is characterized by a small number of large firms that have some market power is called?
The market structure that is characterized by a small number of large firms that have some market power is called
Why would the music industry be an example of an oligopoly?
The music industry is dominated by a few large firms which dominate the market, thus enabling the industry to exert its market influence. They also partake in collusion to ensure that barriers to entry into the music industry remain high for new firms to enter. The characteristics of an oligopoly are as follows: Few, large number of firms dominate the market. High barriers to entry Long run abnormal profits Price makers- have the ability to determine market price. Maximise profits where MC=MR. The music industry fits into the above characteristics and therefore is considered to be an oligopoly.
True False An industry consists of all firms that supply output to a particular market?
yes
What is the effect of having a great number of firms in a industry?
flowers is the effection
What type of industry with 20 firms has a concentration ratio of 30?
this would be considered to be a low Oligopoly market
What kind of market structure is the cinema industry?
probably oligopolistic; several large firms, a few small.
Firms in an industry will not earn long-run economic profits if?
In long run under perfect competition new firms enters into the market and share the profit of existing firms due to free entry and exit .the new firms in the long run enters into the market until they earn profit and leaves the market if they suffer looses. In short if there is free entry and exit
How do economist determine whether a market is an oligopoly?
A market is an oligopoly when a small number of sellers dominate a market or industry. Economists use a set of criteria to determine whether a market form is an oligopoly. These criteria include profit maximization conditions, ability to set price, high barriers to market entry, a small number of firms, long-run abnormal profits, product differentiation, perfect knowledge of cost and demand functions, interdependence on other firms' marketing strategies, and non-price competition.
Oligoply is a market structure with a great deal of?
Is a market structure characterized by a few large firms that produce either standardized or differentiated product, where entry into the industry is difficult, and where there is a great deal of interdependence between the decisions made by the firms
An industry is best defined as a group of firms that?
An industry is best described as a group of firms
What assumptions are made in the Perfect competition model of a market?
Perfect competitionperfect competitionModel of the market based on the assumption that a large number of firms produce identical goods consumed by a large number of buyers. is a model of the market based on the assumption that a large number of firms produce identical goods consumed by a large number of buyers.
