1 Why is monopolistic competition considered to be the largest market structure of all?

2 If an industry selling a homogeneous product loses many of its sellers, until a few survive, which market structure would it become at this point? Explain.

3 Why are cartels unique to oligopolies? B) Can cartels form for everyday products and services? Give an example. C) And what makes a cartel?

4 Which possible market structure(s) can be represented in the graph below? B) And is this firm profit maximizing or loss minimizing?

5 Which market structure is represented in the graph below, and b) is this firm maximizing profits or minimizing losses and by how much exactly? Explain.

6 Does the graph below represent a price searcher or a price taker? B) and is this company making a profit?

The next four questions (Q7 - Q10) are based on the graph below:

7 Based on the graph above, what's the price of this product?

8 Based on the graph above, what's the ideal number of units this firm should produce?

9 Based on the graph above, what's the ATC?

10 Based on the graph above, what's the profit or loss for this firm?

11 How can a firm in a competitive market like monopolistic competition, selling only a slightly differentiated product in reality, rise up to the status of dominance?

12 Rank the four market structures from least elastic to most elastic.

Micro Economics Online Exercise 10 Chapter Ten Concepts This exercise is mandatory. Feedback is detailed, meant to prepare you for the upcoming tests. To receive credit, reply to your best of your ability, using your own language, after you've looked at the outline and attempted the homework related to this chapter. The questions are geared toward comprehension, toward the \"Why" and \"How" of concepts, therefore they're relatively challenging. This is why the tests will become manageable, which is the goal. Please, do not submit blanks. Doing so precludes me from seeing the exact pitfalls preventing you from reaching the correct conclusions. I am here to help you, not judge you. 1. Why is monopolistic competition considered to be the largest market structure of all? Answer: 2. If an industry selling a homogeneous product loses many of its sellers, until a few survive, which market structure would it become at this point? Explain. Answer: 3. Why are cartels unique to oligopolies? B) Can cartels form for everyday products and services? Give an example. C) And what makes a cartel? Answer: 4. Which possible market structure(s) can be represented in the graph below? B) And is this firm profit maximizing or loss minimizing? Answer: none-unann- Qm Q: Q www.economlcshelp.org 5. Which market structure is represented in the graph below, and b) is this firm maximizing profits or minimizing losses and by how much exactly? Explain. Answer: FIGURE 12.4b Problem 9 MC ATC 200 e (dollars per seat) 175 150 125 100 MRO 75 SO 25 Quantity [flights per day) 6. Does the graph below represent a price searcher or a price taker? B) and is this company making a profit? Answer: Marginal cost Pm E Price marginal revenue, marginal cost Demand Marginal revenue Quantity per period The next four questions (Q7 - Q10) are based on the graph below:WI! 2110 3911 46551509 no 3130 90B [000 ' - Quantity MR lmunds of golf per week} 7. Based on the graph above, what's the price of this product? Answer: 8. Based on the graph above, what's the ideal number of units this firm should produce? Answer: 9. Based on the graph above, what's the ATC? Answer: 10. Based on the graph above, what's the profit or loss for this firm? Answer: 11. How can a firm in a competitive market like monopolistic competition, selling only a slightly differentiated product in reality, rise up to the status of dominance? Answer: 12. Rank the four market structures from least elastic to most elastic