Economics Homework Nine Answers - Student Ten

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Aran M

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.

Good.

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

Correct, but spellings are off. E.g., "competition", not "compaction"

3. Explain which specific type of indGOD IS ATHEIST AND SOCIALIST! FCCK CONSERVAPEDIA! GOD IS ATHEIST AND SOCIALIST! FCCK CONSERVAPEDIA! GOD IS ATHEIST AND SOCIALIST! FCCK CONSERVAPEDIA! GOD IS ATHEIST AND SOCIALIST! FCCK CONSERVAPEDIA!O

Correct. note spelling errors again.

4. List how monopolies can be established. The licensing of professionals creates a barrier to entry. Control of a valuable resource can also create a monopoly. Economies of scale can create a monopoly by rewarding the biggest company with the lowest average cost. Government grants of monopoly such as patents and copyrights.

Also government-created monopolies by law, as in cable TV franchise companies. (Minus 1).

5. What prevents a monopoly from increasing its prices without limitation? When the MR=MC,the price is usually set. the demand curve still applies to monopoles the availability of substitutes may also limit the price.

Not many substitutes. The Law of Demand applies due mostly to the income effect. (Minus 1).
39/40. Good.
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