Log in
Economics
1
answer
0
watching
48
views

Of the different types of barriers to entry which two do you think result(s) in the creation of a monopoly most often in the real world? What would be an example of a monopoly that was created from each barrier of entry you chose?

Watch
1
answer
0
watching
48
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Kristelle Balando
Kristelle BalandoLv10
29 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

What are the barriers to entry? How do they relate to the creation of potential long-run monopoly profits? Provide an example of a barrier that can lead to a monopoly. Is it possible for an industry that is currently a monopoly to become a competitive market?

1) A natural monopoly exists when:

a. A few firms collude to make one large firm

b. Firms enter the industry as a result of profit incentives

c. Economies of scale provide large cost advantages to having one firm produce the industry's output

d. Firms naturally maximize regardless of market structure

 

2) A(n) ____ is a single firm with ___, whereas a(n) ___ implies an industry with ____ firm(s) and ____ .

a. Monopoly; barriers to entry; oligopoly; few; no barriers to entry

b. Oligopoly; no barriers to entry; monopoly; many; easy entry and exit

c. Monopoly; barriers to entry; monopolistic competition; many; easy entry and exit

d. Monopolistic competitor; barriers to entry; monopoly; one; barriers to entry

 

3) In monopolistic competition:

a. Each firm produces a product identical to that of every other firm in the industry

b. Firms are aware of their strategic interdependence

c. Firms earn large economic profits in the long run

d. Firms earn zero economic profits in the long run

 

4) A monopolistically competitive industry, such as corn snack chips, and a perfectly competitive industry, like wheat farming, are alike in that:

a. There are many firms in each industry

b. Firms in both types of industries produce similar but not identical products

c. Barriers to entry in both industries are large

d. Firms in both types of industries produce identical products

a) please explain the difference between the collusive and competitive oligopoly models and explain the role that the number of firms and barriers to entry play in determining how real-world oligopolistic industries behave

b) show graphically and explain how a monopoly results in a deadweight loss. Also point out the redistribution that takes place in society because of monopoly. (*edit: You don't have to give graph if you do not know it,though it would be nice. I mainly need the explanation and to point out the redistribution that takes place)

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in