Question 1

* Characteristics of the market
-MONOPOLISTIC COMEPTITION-

Accepted Answer

1.A relatively large number of sellers
2.Differentiated products
3.Easy entry and exit from the industry

Question 2

* Determine output price and profit from a graph
-MONOPOLISTIC COMEPTITION-

Accepted Answer

short run=profit, long run=0 profit 
http://wps.prenhall.com/bp_casefair_econf_7e/30/7934/2031304.cw/index.html

Question 3

* Impact of firms entering the market—difference in short run and long run equilibrium
-MONOPOLISTIC COMEPTITION-

Accepted Answer

http://wps.prenhall.com/bp_casefair_econf_7e/30/7934/2031304.cw/index.html

Question 4

* Two ways to differentiate products—advertising and brand management
-MONOPOLISTIC COMEPTITION-

Accepted Answer

1.advertising  
2.brand management

Question 5

* Difference between monopolistic competition and perfect competition in long 
run equilibrium
-MONOPOLISTIC COMEPTITION-

Accepted Answer

difference-between-monopoly-and-perfect-competition.html 
Thus in the long run a competitive firm earns only normal profit. But under monopoly the firm continues earning supernormal profits even in the long run since there are strong barriers to the entr

Question 6

* Characteristics of a Monopoly market
MONOPOLY

Accepted Answer

1.Seller has full control over the market price.
2.1- Barriers entry
2.There is a only a unique product without close substitutes.
3.There is no need to advertise for his goods.
4.In monopoly market, the demand curve for a firm's product slopes downwa

Question 7

* Determine pricing output and profit from a graph
MONOPOLY

Accepted Answer

http://tutor2u.net/economics/content/topics/monopoly/monopoly_profits.htm 
The profit-maximising output can be sold at price P1 above the average cost AC at output Q1. The firm is making abnormal "monopoly" profits (or economic profits) shown by the yell

Question 8

* Reasons why monopolist is not guaranteed a profit
MONOPOLY

Accepted Answer

Not all monopolies are guaranteed profits - there can be occasions when the costs of production are greater than the average revenue a monopolist can charge for their products. This might occur for example when there is a sharp fall in market demand

Question 9

* 3 major barriers to entry
MONOPOLY

Accepted Answer

1.control of key inputs. (having tech no one else dose.
2. Government-(patents of drugs)
3.Economy of scale- Large firms have lower cost.

Question 10

* Why might consumers benefit when firms have market power

Accepted Answer

1.Economies of Scale.
2. Research and Development
3. Monopoly Firms are Efficient

4. International Competition

Question 11

* Difference between monopoly and pure competition

Accepted Answer

A monopoly is a price maker.
PC is a price taker.ttp://www.iser.uaa.alaska.edu/people/berman/personal/Econ359/monopolistic.htm

A monopoly faces the industry's demand curve.
PC companies face different demands.

PC maximize profits at P=MC=MR
Monop

Question 12

* Types of mergers

Accepted Answer

vertical-diff
horzantial-same

Question 13

* Merger guidelines—market definition, measure of concentration the Herfindahl-Hirshman Index, and merger standards

Accepted Answer

As a general rule, mergers that increase the HHI by more than 100 points in concentrated markets raise antitrust concerns.

Read more: http://www.investopedia.com/terms/h/hhi.asp#ixzz2BcRmPrGO

Question 14

* Problems with regulating natural monopolies

Accepted Answer

The normal avenue for regulation of natural monopolies is the public utilities commission.

Question	Answer
* Characteristics of the market -MONOPOLISTIC COMEPTITION-	1.A relatively large number of sellers 2.Differentiated products 3.Easy entry and exit from the industry
* Determine output price and profit from a graph -MONOPOLISTIC COMEPTITION-	short run=profit, long run=0 profit http://wps.prenhall.com/bp_casefair_econf_7e/30/7934/2031304.cw/index.html
* Impact of firms entering the market—difference in short run and long run equilibrium -MONOPOLISTIC COMEPTITION-	http://wps.prenhall.com/bp_casefair_econf_7e/30/7934/2031304.cw/index.html
* Two ways to differentiate products—advertising and brand management -MONOPOLISTIC COMEPTITION-	1.advertising 2.brand management
* Difference between monopolistic competition and perfect competition in long run equilibrium -MONOPOLISTIC COMEPTITION-	difference-between-monopoly-and-perfect-competition.html Thus in the long run a competitive firm earns only normal profit. But under monopoly the firm continues earning supernormal profits even in the long run since there are strong barriers to the entr
* Characteristics of a Monopoly market MONOPOLY	1.Seller has full control over the market price. 2.1- Barriers entry 2.There is a only a unique product without close substitutes. 3.There is no need to advertise for his goods. 4.In monopoly market, the demand curve for a firm's product slopes downwa
* Determine pricing output and profit from a graph MONOPOLY	http://tutor2u.net/economics/content/topics/monopoly/monopoly_profits.htm The profit-maximising output can be sold at price P1 above the average cost AC at output Q1. The firm is making abnormal "monopoly" profits (or economic profits) shown by the yell
* Reasons why monopolist is not guaranteed a profit MONOPOLY	Not all monopolies are guaranteed profits - there can be occasions when the costs of production are greater than the average revenue a monopolist can charge for their products. This might occur for example when there is a sharp fall in market demand
* 3 major barriers to entry MONOPOLY	1.control of key inputs. (having tech no one else dose. 2. Government-(patents of drugs) 3.Economy of scale- Large firms have lower cost.
* Why might consumers benefit when firms have market power	1.Economies of Scale. 2. Research and Development 3. Monopoly Firms are Efficient 4. International Competition
* Difference between monopoly and pure competition	A monopoly is a price maker. PC is a price taker.ttp://www.iser.uaa.alaska.edu/people/berman/personal/Econ359/monopolistic.htm A monopoly faces the industry's demand curve. PC companies face different demands. PC maximize profits at P=MC=MR Monop
* Types of mergers	vertical-diff horzantial-same
* Merger guidelines—market definition, measure of concentration the Herfindahl-Hirshman Index, and merger standards	As a general rule, mergers that increase the HHI by more than 100 points in concentrated markets raise antitrust concerns. Read more: http://www.investopedia.com/terms/h/hhi.asp#ixzz2BcRmPrGO
* Problems with regulating natural monopolies	The normal avenue for regulation of natural monopolies is the public utilities commission.

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econ

test 3