Difference between revisions of "Economics Homework Nine Answers - Student Three"
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(listed from lowest prices to highest prices) | (listed from lowest prices to highest prices) | ||
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1. Perfect Competition | 1. Perfect Competition | ||
2. Perfectly Contestable Markets | 2. Perfectly Contestable Markets | ||
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4. Oligopoly | 4. Oligopoly | ||
5. Cartel | 5. Cartel | ||
| − | 6. Monopoly | + | 6. Monopoly |
| + | </blockquote> | ||
Revision as of 15:57, November 12, 2009
Anna M
2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).
(listed from lowest prices to highest prices)
1. Perfect Competition 2. Perfectly Contestable Markets 3. Monopolistic Competition 4. Oligopoly 5. Cartel 6. Monopoly
3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."
4. List how monopolies can be established.
5. What prevents a monopoly from increasing its prices without limitation?