Description
Please answer each question in at least a paragraph. Use real world examples and be as clear as possible.
1. What distinguishes oligopoly from monopoly competition? Explain how price leadership might evolve and function in an oligopolistic industry.
2. What is meant by technological advance and how does the concept impact firms in the long run? Distinguish between invention, innovation and development and provide an example of each.
3. What types of industries should be subjected to industrial regulation? What specific problems does industrial regulation entail? Why might an inefficient combination of capital and labor be employed by a regulated natural monopoly?
Explanation & Answer
Attached.
1
Running head: TYPES OF MARKETS
Types of Markets
Name
Institution
Tutor
Date Due
2
Running head: TYPES OF MARKETS
Question 1
Oligopoly and Monopoly competition
Oligopoly competition refers to a market structure with a few large sellers supplying
products and services to the whole market. The products being supplied may be different or
not, in that they may be complementary or supplementary to each other. For a differentiated
market, it's referred to as differentiated oligopoly. Oligopoly competition differs from
monopolistic competition which is a market structure where there is only one seller supplying
goods or services, with no substitutes. Also, there exist barriers to market entrance. In
oligopoly, there are close substitutes as compared to monopoly with no substitutes of the
goods and services being offered. Unlike monopolistic markets, in oligopoly products may be
identical for example the petroleum products distributed in various parts of a c...
Review
Review
24/7 Homework Help
Stuck on a homework question? Our verified tutors can answer all questions, from basic math to advanced rocket science!
Similar Content
Related Tags
One Flew Over the Cuckoos Nest
by Ken Kesey
The Jade Peony
by Wayson Choy
The Lord of the Flies
by William Golding
Nervous Conditions
by Tsitsi Dangarembga
Black Beauty
by Anna Sewell
Salt To The Sea
by Ruta Sepetys
The Atlantis Gene
by S. A. Beck
Heart of Darkness
by Joseph Conrad
Divergent
by Veronica Roth