Business, 26.08.2020 01:01 hunterbrod9903

For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. 1. There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.

Number of firms:
a. One
b. Few
c. Many

Type of product:
a. Unique
b. Anything
c. Identical
d. Differential

Market Model:
a. Oligopoly
b. Perfect competition
c. Monopolistic Competition
d. Monopoly

2. In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. Consumers don't care which cab company they take- if they decide it's worth taking a cab, they flag down the nearest one.

Number of firms:

a. One
b. Few
c. Many

Type of product:
a. Unique
b. Anything
c. Identical
d. Differential

Market Model:
a. Oligopoly
b. Perfect competition
c. Monopolistic Competition
d. Monopoly

3. The government has granted a patent to a drug company for an experimental AIDS drug. That company is the only firm permitted to sell the drug.

Number of firms:
a. One
b. Few
c. Many

Type of product:
a. Unique
b. Anything
c. Identical
d. Differential

Market Model:
a. Oligopoly
b. Perfect competition
c. Monopolistic Competition
d. Monopoly

Answers: 1

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Answers

Answer from: orgaprince

c. Many

d. Differential

c. Monopolistic Competition

b. Few

c. Identical

a. Oligopoly

a. One

a. Unique

d. Monopoly

Explanation:

A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms.

An example of a monopoly is a utility company

It is only the drug company that is permitted to sell the drug. So, it is the only firm in the industry. Also, it is the only firm that offers experimental AIDS drug, so its product is unique.

An Oligopoly is when there are few large firms operating in an industry. In the cab industry, it is a duopoly that exists. This is a type of oligopoly where there are only two firms in the industry. Consumers do not care about the cabs they enter or the different services offered by the companies, so, the product is identical

Answer from: Quest

Some disadvantages to leasing a car is that you are counting on someone to give you money every week or month depending on what you decided and if they don't have all of it well what if you needed that money now you as well have to pay not in full. a disadvantages to purchasing a new vehicle is if it is used then not all the time will absolutely everything work. its almost like a trail and era. although if it is a new car they will try to though all these specials and deals at you in your lease and it can be very overwhelming if you are not use to it.

Answer from: Quest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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For each of the following scenarios, identify the number of firms present, the type of product, and...