10. (02.04 lc) which of the following phrases describes a monopoly market? (1 point) few competitive firms…
10. (02.04 lc) which of the following phrases describes a monopoly market? (1 point) few competitive firms perfectly competitive single seller one buyer 11. (02.04 mc) which product exists in a monopolistically competitive market? (1 point) oil an apple clothing a government service 12. (02.04 lc) what is the purpose of nonprice competition? (1 point) produce at the lowest cost possible. encourage other firms to cooperate in setting prices. establish extensive control of their particular market. distinguish their products from those of other companies.
Answer
Brief Explanations:
- A monopoly market has a single - seller. In a perfectly competitive market, there are many firms, and in a market with few competitive firms, it's an oligopoly. A single - buyer is a monopsony.
- In a monopolistically competitive market, products are differentiated. Clothing is a product that can be differentiated in terms of brand, style, etc. Oil is more homogeneous in a basic sense, an apple is a standard agricultural product, and a government service is not a product in the context of monopolistic competition.
- Non - price competition aims to distinguish products from those of other companies. It can involve factors like quality, design, customer service rather than price.
Answer:
- Single seller
- Clothing
- Distinguish their products from those of other companies.