The gizmo industry has the following characteristics: over 600 producers with no one producer furnishing more than .5% of the industry’s total output; gizmos produced by different firms carry unique brand names and labels; there are no significant barriers to entry to the gizmo market; there is no economic profit in the long run. the gizmo market is best described as what type of market? perfect competition monopolistic competition differentiated oligopoly undifferentiated oligopoly pure monopoly
Solved
Show answers
More tips
- H Health and Medicine Impeccable Memory: How to Improve It...
- L Leisure and Entertainment How Many Seasons are There in the TV Show Interns?...
- S Sport When will the Biathlon World Championships 2011 take place in Khanty-Mansiysk? Answers to frequently asked questions...
- H Health and Medicine Trading Semen for Money: Where Can You Sell and Why Would You Want to?...
- F Food and Cooking Homemade French Fries: The Ultimate Guide...
- H Health and Medicine How to Increase Blood Pressure without Medication?...
- S Style and Beauty Choosing a Hair Straightener: Specific Criteria to Consider...
- F Food and Cooking How to Make Polendwitsa at Home?...
- S Science and Technology When do we change our clocks?...
- L Leisure and Entertainment What to Give a Girl on March 8?...
Answers on questions: Business
- B Business Out of the five agency agreements that a licensee can employ themselves through, there is one that is considered to be exempt, due to a licensee not providing representation...
- B Business Under what circumstances could the Government use open market operations? ...
- B Business Tính số tương đối kết cấu về sản lượng thưc tế của từng doanh nghiệp trong tổng công ty...
- B Business If you draw a card with a value of eight or less from a standard deck of cards, I will pay you $37. If not, you pay me $48. (Aces are considered the highest card in the deck.)...
- B Business Explain how each of the 5 areas of the 5 forces model directly affect Amazon in paragraph forms for each model....
- B Business The following information pertains to Nova Co. s cost-volume-profit relationships: Breakeven point in units sold 1,000 Variable expenses per unit $ 500 Total fixed expenses $...
- B Business A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $59,500; the land at $47,000, and the parking...
- B Business Laura was in charge of purchasing food for the next book club meeting. She usually ordered sandwiches from the nearby deli, but the price of sandwiches had increased. One option...
- B Business Prepare a check stub and check using the information given here: 1. The balance brought forward to Check Stub No. 225 is $11,060.00. 2. A deposit of $3,484.00 is made on Dec....
- B Business What does the Internet of Things (IoT) enable?...
Ответ:
monopolistic competition
Explanation:
A monopolistic competition has the features of both a monopoly and a competitive firm.
Characteristics of a monopolistic competition includes:
1. Many buyers and sellers
2. Firms are price setters
3. Firms sell differentiated products
4. There are low barriers to entry and exit of firms.
5. Firms make zero economic profit in the long run.
Perfect competition has the above characteristics of a monopolistic firm except:
1. They are price takers
2. There are no barriers to entry and exit of firms
3. Firms do not sell differentiated products.
An oligopoly industry is characterised by few large firms, significant barriers to entry or exit of firms.
Monopoly firms earn economic profit in the long run, there is only one seller in the market and there are high barriers to entry or exit of firms.
I hope my answer helps you.
Ответ: