For questions (10 ) through (25) you fill in the blank space with the correct wo

Question

For questions (10 ) through (25) you fill in the blank space with the correct word:

An illegal monopoly must be selling a product that has no close (10)___________ . This will make his demand curve very (11)___________ There must also be (12)_____________to keep out competition from entering the market of the monopoly. The monopolist will restrict his (13)____________to get the highest price. Long run market demand must be (14)______for a Cartel to survive and do well. Long run market supply must be (15)________for a Cartel to survive and do well. According to Hotellings Paradox, an industry with a small number of sellers with large market shares will often end up offering products that are highly (16)_______ and are aimed at the (17)_______of the market. When firms in an oligopoly have a tacit agreement to "follow the leader" in raising prices, iit is called (18) _ Oligopolies often have a demand curve that is (19)__________above the present price because if they (20)______their prices, their rivals will NOT match them. Their demand curve is (21)_________ below the present price because if they (22)____ their prices the rival firms WILL do the same thing. 23) Under Monopolistic Competition, firms will produce with _______capacity in the long run. 24) Firms in an Oligopoly usually have very ________start up costs for advertising and marketing. 25) The type of industry where firms produce “differentiated” products is an ________________

Explanation / Answer

10.

An illegal monopoly must be selling a product that has no close substitute, since the monopoly has to deal with a unique product.

11.

This will make the demand curve very elastic, since at lower price higher quantity would be demanded.

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

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