I need help with the following, thank you I will upvote I. An induetry which has

Question

I need help with the following, thank you I will upvote

I. An induetry which has few fims, each large enough to influence market price, has the charcerities of the market structure perfectly competitive monopolistically competitive oligopolistk monopolistic 2. Whisch type of industry is characteried by easy entry to the industry, many small fims, aed differentiated peoducts? a oligopoly b monopoly c. perfect competition d. monopolistic competition 3. In the short run, a monopolist's supply curve is part of its a average total cost curve. b. average variable cost curve c. marginal cost curve d none of the above. Monopolists do not have supply ourves The next two questices refer to the diagram below, It describes the Memory Company, which has a contract to provide yearbooks for Baldwin High School. Number of Bakbeio Iigh School pearbooka high school yearbooks. 4. The profit-maximizing level of output for the Memory Company is d. 350 b 200 c. 300

Explanation / Answer

1. Option C is correct.

Only the oligopoly is a market structure where there are few firms in the industry and because of that they have the market power to affect the market price.

2. OPtion D is correct.

Monopolistic market is characterised by large number of buyers and sellers each selling differentiated products having minimal affect on the market price.

3. Option D is correct.

This is so because the monopolist do not have a unique relationship between price and quantity demanded.

4. Option B is correct.

The profit maximising level of output is attained where the MR = MC which is at 200 units of output.

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