Difference between revisions of "Economics Homework Nine Answers - Student Ten"
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'''4. List how monopolies can be established.''' | '''4. List how monopolies can be established.''' | ||
| + | the licensing of professionals creates a barrier to entry. | ||
'''5. What prevents a monopoly from increasing its prices without limitation?''' | '''5. What prevents a monopoly from increasing its prices without limitation?''' | ||
Revision as of 16:45, November 12, 2009
1. Identify an industry not mentioned in the lecture that is an oligopoly, and explain why. Computer companies, such as Dell, Hp, Acer, and Apple.
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). Perfect compaction b.Perfctly contestable markets c.monopalistic compaction d.oligopoly e.cartel f.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." monopolistic compaction, Perfect compaction, Monopoly
4. List how monopolies can be established. the licensing of professionals creates a barrier to entry.
5. What prevents a monopoly from increasing its prices without limitation?