<< Chapter < Page Chapter >> Page >
  • Card 10 / 19:
    Consider the curve shown in , which shows the market demand, marginal cost, and marginal revenue curve for firms in an oligopolistic industry. In this example, we assume firms have zero fixed costs.

    Suppose the firms collude to form a cartel. What price will the cartel charge? What quantity will the cartel supply? How much profit will the cartel earn?Suppose now that the cartel breaks up and the oligopolistic firms compete as vigorously as possible by cutting the price and increasing sales. What will the industry quantity and price be? What will the collective profits be of all firms in the industry?Compare the equilibrium price, quantity, and profit for the cartel and cutthroat competition outcomes.

  • Keyboard Shortcuts

    Previous Card ← Previous Card Button
    Next Card → Next Card Button
    Flip Card // Return / Space

Questions & Answers

What is monopoly
Oluchi Reply
I believe that a market is monopolistic if there is no competition. in other words, a given company is the only one offering the product/service.
amina
am a fan of monopoly
Okeke
it is correct
Spiff
and in other word,,, is a thing that belongs to one person or group that another people will not able to share
Spiff
give tree difference between economic good and free good
Gideon Reply
what is want
Wasila Reply
anything just come from your heart
domingo
no matter how much you give
domingo
is what you desire to have
Tsai
their the human desire it's need(s).
Gideon
YES
Erik
like medicine food etc
domingo
price floor support producer or consumer?
Mastercorner Reply
support for consumer
domingo
what is antagonist
Edward Reply
Hi
Odidi
hw ar u
Mohamed
fine and you
Timah
Hi
moha
hw ar u
Mohamed
i'm not good due to corona virus
domingo
hi
Un
i would like to ask you for a little help to get rid of the corona virusand we have nothing to offer. thank you very much.
domingo
kk
Mohamed
how to get the donation?
domingo
to feel sympathical ideas we 'll get donation and to tell a great religious reward
Inno
what are the factors influencing the level of advance made by commercial banks?
Kobwa Reply
What is Demand and supply
Felix Reply
supply is the ability to sell goods and services at the specific period of time and at the specific price
Kobwa
demand is the ability and willingness to buy goods and services at the specific period of time and at the specific price
Kobwa
what is demand
Sanni Reply
Sanni Saoban, Demand is a kind of need which is backed up by ability and willingness to pay.
Dipam
Demand is the various quantities of goods and services that a consumer is willing and able to buy at various prices within a given period of time
Sharon
Demand means desire for a commodity willingness and ability to purchased that commodity
Bhagabata
desired of good and services, when you try to sell something , you make the buyer need that something in a way that person buys the good or service from you. SUPPLY AND DEMAND
Erik
Am I right or wrong
Bhagabata
ryt
Oppong
demand means the desire for product and being able to purchase goods
Rameez
He or she must have willingness
Bhagabata
buy and sell orders on the foreign exchange.
ay
it is the various quantities of goods and services a consumer is willing and able to buy at a price at a period of time
Gideon
why should a firm close down when it's unable to pay it's variable cost?
ANDREW Reply
what is oligopolistic competitive market?
ngong
oligopolistic market is the market structure characterized by few sellers with large firm and mostly they produce goods that are differentiate & homogeneous goods
Kobwa
less demand due to assumptions
Inno
exchange of goods and services between countries is call
Hosea Reply
foreign trade
Peace
Butter trade
Ntim
Foreign policy
Bhagabata
international trader should be country
Dennis
international trede
Bakatui
it's called bilateral international trade while that it involves more than two countries is called maltilateral international trade
Kobwa
what is constant opportunity cost
Tiffany Reply
Constant opportunity cost means the value of sacrifice remains constant in every step.
Dipam
Gross Domestic Product GDP
Yusuf Reply
what is g d p
Jayapal Reply
gross daily performance
domingo
these are all amount of goods produced by within the country either by resident of foreigners who live within the country
Kobwa
dont know
Inno
gross domestic products
nabil
gross domestic product
Gideon
How best can a poor country respond to an economic crisis , what does it have to sacrifice.
Bah Reply
they should pay tax as progressive system and should make sacrifice for taxation of their income and land etc
Hamza
how have the nations tries to solve the problem of scarcity in their economies?
Amani Reply
total concentration on to reduce the per unit cost of commodity by technically or whatever
Hamza
the problem of scarcity is solved through three economic system namely socialist,capitalist and mixed economy where in socialist the decision about the allocation of resources is done by the government through central planning and in capitalist all decision are made by individual
Kobwa
and in mixed decision made by market forces and central planning
Kobwa

Get the best Principles of economics course in your pocket!





Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
Flash Cards plugin by Curtis Blackwell github.com/curtisblackwell/flash_cards
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Principles of economics' conversation and receive update notifications?

Ask