Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain your answers. a. Wooden

Question:

Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain your answers.

a. Wooden no. 2 pencils

b. Copper

c. Local electricity service

d. Peanut butter

e. Lipstick

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Microeconomics

ISBN: 978-1305971493

8th edition

Authors: N. Gregory Mankiw

See More Books

Question Posted: Jan 08, 2019 12:47 PM

See More Questions

Read the ethical dilemmas, and explain your answers below Ethical dilemmas:n n n 1. You are a personnel manager for a medium-sized company, and you are faced with what you see as a series of ethical...
Explain why firms operating in monopolistically competitive markets probably will notearn an economic profit in the long run, and explain why they might.
Perfectly competitive markets contain many buyers and sellers of the same contract; so, the best alternative contract is identical to the actual contract signed. What does this fact imply about the...
Air flows through the fine mesh gauze shown in the figure below with an average velocity of 1.50 m/s in the pipe. Determine the loss coefficient for the gauze. KL= i 8.1mm V = 1.5 m/s Water Gauze...
The unadjusted trial balance for Swift Creek Engineering at its year end, December 31, 2014, is as follows: Additional information: 1. Revenue of $1,440 was earned but unrecorded as at December 31,...
What factors would you consider in deciding whether your hotel should purchase and then rent audiovisual equipment (e.g., a digital projector and screen or specialized video conferencing equipment)...
Give a situation when it is most appropriate to apply Scheffe's multiple-comparison-of-means method. LO4
How many moles of water are there in 1.000 L? How many molecules?
Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 201, Smiley issued $3,300,000 of 4-year,...
Summarize the main lean principles described in the article or case study you read Of the four lean principles of operations management, which one do you feel will provide the greatest impact to the...
What gives the government the power to regulate mergers between firms? Give a good reason and a bad reason (from the perspective of societys welfare) that two firms might want to merge.
In what sense is education a type of capital?
Employee earnings records for Medenciy Company reveal the following gross earnings for four employees through the pay period of December 15. C. Ogle .... $93,500 D. Delgado . $96,100 L. Jeter .......
Charlotte, a marketing manager, is worried her firm is doing a poor job of managing the movement of finished products to the final consumer. If she is right, the company should work to improve its Mul
Sketch a graph of the piecewise defined function. f(x) = Sx if x 0 x+9 if x>0
Complete the information for the following subnetting problem. Your answers should be whole numbers without a period. Example: the correct value for the last octet of 172.20.55.210 would be entered...
Olympia Trophy Company wants to purchase a laser engraving machine to use in its production of trophies. The cost of this engraving machine is $69,546.40 and it will yield yearly expected cash flows...
Scenario: Envirotruck is a company that produces energy efficient all-wheel-drive and 4-wheel-drive trucks (twice as efficient as their competition's) with ample clearance for construction and rough...
To rent a mid-size car from one agency costs $60 per day or fraction of a day. If you pick up the car in Boston and drop it off in Utica, there is a fixed $40 charge. Let C(x) represent the cost of...
If 2 5 9 - k 5 8 = 2 5 8 , what is the value of k?
Daniel is a diligent student who loves getting as, but he also loves watching movies. Daniel is awake for 100 hours each week, and studying and watching movies are his only two activities. Daniel...
Consider a couples decision about how many children to have. Assume that over a lifetime a couple has 200,000 hours of time to either work or raise children. The wage is $10 per hour. Raising a child...
The welfare system provides income to some needy families. Typically, the maximum payment goes to families that earn no income; then, as families begin to earn income, the welfare payment declines...
What is the Breakeven Point in units assuming a product selling price is $100, Fixed Costs are $8,000, Variable Costs are $20, and Operating Income is $32,000 ? 100 units 300 units 400 units 500 units
Given the following financial data for the Smith Corporation, calculate the length of the firm's operating cycle (OC). Sales $2,610,000 Cost of Good Sold $2,088,000 Inventory $ 278,400 Accounts...
The predetermined overhead rate is usually calculated Group of answer choices At the end of each year At the beginning of each month At the beginning of the year At the end of the month

Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain your answers. a. Wooden

Question:

Step by Step Answer:

a The market for wooden 2 pencils is perfectly competitive because pencils ...View the full answer

Principles of Microeconomics

Students also viewed these Business questions