How are consumers and incumbent firms influenced

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Reference no: EM13225109

1. Brand names can be important to the success of a firm in some industries. Consider industries that demonstrate monopoly, monopolistic competition, oligopoly, and perfect competition. What is the goal of creating a brand name for each of these market structures? What does the brand name do to the demand curve for the product? What is the role of advertising in each of the four market structures.

2. In what ways can a government create a monopoly? Why might a government do this?

3. Define and explain the relationship between total revenue, average revenue, and marginal revenue for a monopolist. What is monopoly profit? Should a monopolist produce quantities of product greater than that which would maximize profits?

4. Explain the output effect and the price effect for an oligopoly. How does each influence the oligopolist's production decision?

5. Entry of firms in a monopolistically competitive industry is characterized by two "external" effects. What are these effects and how do they affect a monopolistically competitive firm. How are consumers and incumbent firms influenced by these externalities?

Reference no: EM13225109

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