Chrome File Edit View History Bookmarks People Window Help Start myUMBC C. Pears

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Chrome File Edit View History Bookmarks People Window Help Start myUMBC C. Pearson's MyLab & Mastering x y @ Do Homework-Nischal S Secure l https://www.mathol.com Student/PlayerHomework.aspxhomeworkde4481 01433 -> Principles of Microe Homework: Problem Set - Chapter 14 Score: 0 of 4 pts Text Problem 1.1 41 of 11 (0 c Which of the following industries would you classify as an oligopoly? Explain your answer The industry for motorcycles is A. monopolistically competitive because there are many firms that produce a homogeneous product. O B. an oligopoly because there are a few firms that are price takers. O C. monopolistically competitive because there are a few firms selling a differentiated product D. monopolistically competitive because there are many firms with no market power E. an oligopoly because there are a few firms that face the limited entry of new firmis. The industry for hotels is C A. monopolistically competitive or an oligopoly depending on the number of firms, market power, and potential entry O B. an oligopoly because firms produce differentiated products and are price makers. O C. monopolistically competitive because there are many firms selling a differentiated product. O D. monopolistially competitive because there are many frms facing the limited entry of new firms O E. an oligopoly because there are a few firms that are price takers. Click to select your answer and then click Check Answer Clear Al 3 Pemaining 5

Explanation / Answer

The industry for motorcycle

an oligopoly because thereare few firms that faced the limited entry for new firms.

The industry for hotel is an oligopoly firm because its produce differentiated products and are price makers.

in oligopoly few firms share large portion of product and limited cometition.

oligopoly firms are like monopoly.

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