Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30%. How would you describe this industry? Suppose the demand for the product rises and pushes up the price for the good. What long-run adjustments would you expect following this change i
The 4 types of market structures are Perfect Competition, Monopoly, Oligopoly, and Monoplistic Competition. Given the dynamics of competition, think of the various sequential paths of market structures that firms can move through over time (any of the following is possible): Monoply-->Oligopoly-->Monopolistic Competition-->Pe
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30%. How would you describe this industry? Suppose the demand for the product rises and pushes up the price for the good. What long-run adjustments would you expect following this change i
Cournot Oligopoly . Two firms compete on the quantity they produce of good a single com¬modity. They face a demand function p= f(x) where p is the price at which they will sell the good, which depends on the total quantity produced, x= x1 + x2 (x1 is the quantity produced by firm i = 1, 2). Let the demand be linear: p
Just answers the 4 questions below using some economic concepts. #1. Choose a real world industry and determine which of the four market structures (perfect competition, monopolistic competition, oligopoly, or monopoly) this industry is most closely related to. Be sure to support your answer by referring to the characteristi
Subject: Kinked Demand Curve / Oligopolistic market Details: The kinked demand curve in an oligopolistic market is represented by the following: P = 100 - Q and P = 120 - 2*Q The oligopoly firms have constant marginal costs at MC = 40 A. Determine the profit maximizing level of output. B. Compute the profit maximiz