Purchase Solution

Identify the type of market each statement describes

Not what you're looking for?

Ask Custom Question

For each of the following statements, identify the type of market it describes. Use an example from the readings or the internet for each characteristic and explain your choice.

A. The company practices product differentiation
B. The firm earns an economic profit in the long run
C. Maximizes profits by equating MC and MR
D. Has demand curve that is downward sloping
E. Is in a market where new firms can enter the industry selling similar products

Purchase this Solution
Solution Summary

The expert identifies the type of market each statement describes.

Solution Preview

A. The company practices product differentiation.

Price differentiation is definitely not part of perfect competition, where products are homogeneous, nor monopoly where products are unique. that just leaves monopolistic competition and oligopoly. while there is slight differentiation in monopolistic competition with oligopoly we may or may not have product differentiation. you could imagine food courts as monopolistic competitors, it's all fast food but slightly different. I suppose for oligopoly you might imagine Coke ...

Purchase this Solution
Free BrainMass Quizzes
Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

View More Free Quizzes
Related BrainMass Solutions

  • Marketing Research Issues

    What is the relationship among exploratory, descriptive, and causal research? Give an example of each type of research. 3.

  • Advertising plan - Three Badermans Statements

    APA format - The paper must include: - Objectives statement - Support statement - Tone or brand character statement Here is help/guidance with each part of your project.

  • Operational Definitions

    What type of crime - petty or serious/violent? How long does someone need to be in poverty - a continuous cycle, or just a temporary series of setbacks? Again - the statement needs to contain a clearly defined variable.

  • Risk in Internal Control Procedures

    Therefore, the organization can decipher the type and level of risk for each business activity and identify and outline plans to address these risks.

  • Overall Scope and Statement of Work (SOW)

    This section needs to describe each of the tasks, including who is going to complete each task and each task's duration. Please Reference your source(s) See attachment for type of project.

  • Setting up linear equations for 2 questions

    Let X be number of type 1 candy sold and Y be number of type 2 candy sold, by given statement in the question, X+Y=42 1.25X+1.75Y=65.50 The solution gives detailed steps on setting up linear equations for 2 questions.

  • Characteristics of the Various Market Structures

    Identify a firm for each of these market structures and explain why each firm belongs in the market structure identified.

  • Pillsbury Presses Flour Power in India - Case Study

    Identify and describe the roles of product policy, pricing, promotion, and distribution in Pillsbury's marketing of flour in India. 2. Did Pillsbury customize or standardize each of the four Ps? 3.

  • Pricing Decisions and DCF Methods for Investments

    In the current market, it is difficult, but countries such as China are often accused of dumping. This type of pricing undercuts and moves unfairly against the local market industry.

View More Related Solutions