Business, 22.04.2020 03:06 dareaalcaam111

Now consider the impact of a third firm entering the market with the same costs, C3(q3) = 80q3. Find the new equilibrium level of each firm’s output and the total market output. What is the market price and each firm’s profits in equilibrium? Briefly explain why these changes are reasonable.

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Many purchases that individuals make at the retail level are produced in markets that are neither perfectly competitive, monopolies, nor monopolistically competitive. Rather, they are oligopolies. Oligopoly arises when a small number of large firms have all or most of the sales in an industry. Examples of oligopoly abound and include the auto industry, cable television, and commercial air travel. Oligopolistic firms are like cats in a bag. They can either scratch each other to pieces or cuddle up and get comfortable with one another. If oligopolists compete hard, they may end up acting very much like perfect competitors, driving down costs and leading to zero profits for all. If oligopolists collude with each other, they may effectively act like a monopoly and succeed in pushing up prices and earning consistently high levels of profit. Oligopolies are typically characterized by mutual interdependence where various decisions such as output, price, advertising, and so on, depend on the decisions of the other firm(s). Analyzing the choices of oligopolistic firms about pricing and quantity produced involves considering the pros and cons of competition versus collusion at a given point in time.

Explanation:The economic development and growth of the production is proportional to the equivalent fraction of the industry

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Now consider the impact of a third firm entering the market with the same costs, C3(q3) = 80q3. Find...

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