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REINFORCEMENT MARKET STRUCTURES
What market structure is the picture most likely representing?
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PERFECTLY COMPETITIVE MARKET STRUCTURE
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TRUE OR FALSE The p.c.m firm is a price maker.
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False It is a price taker.
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TRUE OR FALSE The demand curve for the perfectly competitive industry is downward sloping
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TRUE The industry (market) demand curve is downward sloping.
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The diagram below shows profit maximisation for the PCM FIRM
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TRUE
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The graph shows a pcm firm making normal profit
FALSE. At profit maximisation AVC=AR. This is the shut-down price!
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The diagram shows a monopolistically competitive firm in the LR.
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TRUE OR FALSE The only market structure where there is allocative efficiency is the p.c.m.
TRUE P=MC at the profit maximisation output level
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TRUE It shows a monopolistically competitive firm in the long run which can only make normal profit
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TRUE OR FALSE A key feature of the monopolisitcally competitive firm is interdependence.
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FALSE PRODUCT DIFFERENTIATION IS THE KEY FEATURE.
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TRUE OR FALSE Tacit collusion is when firms collude secretly or covertly
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TRUE This type of collusion is often implied by what the firms do informally.
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TRUE OR FALSE OPEC is an example of implicit or tacit collusion.
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FALSE OPEC is an example of explicit or overt collusion.
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