Please explain Answer 1. True or False - In the long run, monopolistically competitive firms charge...
Please explain Answer
1. True or False - In the long run, monopolistically competitive firms charge consumers higher prices than monopoly firms.
2. True or False - An oligopoly is an industry with just one firm.
3. True or False - In oligopoly the actions of one firm has a perceptible affect on the other firms.
4. What are the key characteristics of an oligopoly?
Homework Answers
a) False, there are many firms in the monopolistic market to increase the competition and if the firm are charging a higher price that will lead to profit and more firms coming in the market. Generally, the price of the firm under the monopolistic competition are less than the monopoly.
b) False, in an oligopoly market there are few large firms that are dependent on each other for crucial decision.
c) True, all the firms in the oligopoly market are depended on each other for decision making and that makes the firms action predictable for the other firm.
d) In an oligopoly market there are few large firms in the market that control large market share, all the decision they make are going to affect the other firm in the market and hence they are dependent on each other, they compete in a non price differentiation of the goods.
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Please explain Answer
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