QUESTION 27 gain to consumers who switch to Walmart is per store. $15 million an

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QUESTION 27 gain to consumers who switch to Walmart is per store. $15 million and $33 million $100 million and $150 million O$31 million and $40 million $250 mon and $300 million QUESTION 28 Independent grocery stores are best-advised to out Walmart" Walmart by lowering prices. O hire less qualified people to keep costs down. sell exactly the same goods Walmart does. O provide a level of service, community involvement, and types of goods Walmart does not. QUESTION 29 If you got a new job and were moved to Terre Haute Indiana (population 60,000) you would expect to find ten grocery stores (two Super Walmarts, three Krogers, and three IGA affiliates and two independent grocery stores), the market form is monopoly O oligopoly. monopolistic competition. perfect competition.

Explanation / Answer

27. $ 15 million and $ 33 million

28. Provide a level of service, community involvement, and types of goods Walmart does not.

29. oligopoly

Oligopoly is a market structure characterized by the presence of a few large firms who produces homogeneous or differentiated products intensely competing against each other and recognizing interdependence in their decision-making. Under this type of market, prices are normally rigid as firms are afraid of immediate reactions of the rival firms which may start price war. The demand curve facing an oligopoly firm is indeterminate because of high degree of interdependence and uncertainty among oligopolistic firms. The firm does not know how his rival firms react to its decisions. Sales and profits of the firms are affected by the rivals' firm's actions. Example: there are only a few auto-producers in the Indian market. Maruti, Tata, Ford, Fiat are some well-known brand names.

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