Amonopoly, unlike a perfectly competitive firm, has some market power. thus, it can raise the price, within limits, without quantity demanded falling to zero. the main way it retains its market power is through barriers of entry--that is, other companies cannot enter the market to create competition in that particular industry. which barrier to entry explains why a monopoly exists in each scenario.1. the aluminum company of america (alcoa) formerly controlled all u. s. sources of bauxite, a key component in the production of aluminum. given that alcoa did not sell bauxite to any other companies, alcoa was a monopolist in the u. s. aluminum industry from the late-nineteenth century until the 1940s.2. in the natural gas industry, low average total costs are obtained only through large-scale production. in other words, the initial cost of setting up all the necessary pipes and hoses makes it risky and, most likely, unprofitable for competitors to enter the market.3. in an imaginary country, there is only one federally licensed lottery agency in any state; that is, it is impossible for any private firm to start up a competitive lottery without a government license to do so. a. exclusive ownership of a key resourceb. government-created monopoliesc. economies of scale
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Business, 21.06.2019 16:30, Ivy2k
]4. seiler company has the following information: materials work-in-process finished goods beginning inventory 300 400 500 ending inventory 700 900 1500 material purchase 7,700 cost of goods sold 15,600 direct labor 5,500 what was the manufacturing overhead for the period? a. $3,400. b. $4,300. c. $3,000. d. $5,500.
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Business, 22.06.2019 19:30, jaybeast40
Oz makes lion food out of giraffe and gazelle meat. giraffe meat has 18 grams of protein and 36 grams of fat per pound, while gazelle meat has 36 grams of protein and 18 grams of fat per pound. a batch of lion food must contain at least "46,800" grams of protein and 70,200 grams of fat. giraffe meat costs $1/pound and gazelle meat costs $2/pound. how many pounds of each should go into each batch of lion food in order to minimize costs? hint [see example 2.]
Answers: 1
Amonopoly, unlike a perfectly competitive firm, has some market power. thus, it can raise the price,...
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