1/17/2017 1155 PM 791/100 PrintCalculator Gradeboa uestion 23 of 27 MapA Sapling

Question

1/17/2017 1155 PM 791/100 PrintCalculator Gradeboa uestion 23 of 27 MapA Sapling Learning Use the labels below, to complete the table accordingly Differentiated Products? Yes No Number One Few of Producers Many OligopolyMonopoliaic Competition Perfect Competition Monopoly NA Why do some markets have differentiated products but others dont? Monopolies don't have differentiated products to help keep prices uniform from consumer to consumer All goods are easily differentiatible; industries just choose not to differentiate them due to production costs Markets with difterentiated products Iike oligopolies can't directly control the quantity monopolies who can control their quantity supplied direcdily to increase profits Consumer preference is a large factor into whether a good gets differentiated or not o market, effectively giving them minimal control over their profits, unike O Ex-' Previous eave up & View Souton eCheck AnswerNest REFB-04 For computer assistance

Explanation / Answer

Number of producer is one in monopoly and the product is unique as there is single producer of the product, thus no differentiated product.

Number of producers are few and product is differentiated in case of oligopoly.

Number of producers are many and product is also differentiated in case of Monopolistic competition.

Number of producers are many and product is identical and not differentiated in case of Perfect Competition.

Option C is correct as some markets do not have control over their quantity supplied.

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.