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- Question 2 Back in the 1950s, General Motors (GM) was at its peak. It was widely viewed as a shining example of how a large company should be managed, and controlled three quarters of the US car market. As at 2020, GM remains the biggest automaker by sales in the US, but it controls less than 20% of the market. For consumers, this level of competition has been wonderful; the level of choice when it comes to buying and leasing. For GM, as well as other large carmakers, having to operate in this realm isn't always fun, but if pressed they'll admit that there's something distinctly American about the market being hyper-competitive — and they might even acknowledge that having Germans and Japanese brands to do battle against helps them to improve their own capabilities. i. State what market structure existed in the automobile industry in the US in the 1950s. Illustrate and explain how equilibrium is determined. ii. Can excess profit be earned in this industry in the long run. Explain.…Question 2 Back in the 1950s, General Motors (GM) was at its peak. It was widely viewed as a shining example of how a large company should be managed, and controlled three quarters of the US car market. As at 2020, GM remains the biggest automaker by sales in the US, but it controls less than 20% of the market. For consumers, this level of competition has been wonderful; the level of choice when it comes to buying and leasing. For GM, as well as other large carmakers, having to operate in this realm isn't always fun, but if pressed they'll admit that there's something distinctly American about the market being hyper-competitive — and they might even acknowledge that having Germans and Japanese brands to do battle against helps them to improve their own capabilities. i. Illustrate how equilibrium is determined. NO HANDWRITING PLEASE. I HAVE A HARD TIME UNDERSTANDING.in 3 paragraphs List, and briefly discuss, three possible barriers to entry for an industry, and assess whether these barriers are good or bad for consumers or society as a whole.
- Monopoly in simple wordsWhich of the following is not a barrier to entry? Select one: a.Licensing b.Large set up costs c.Long run increasing average costs d.Patent laws e.Economies of scaleStudy the evolution of any brand/company of your choice regarding its target market. In addition, also discuss how the brand/company differentiate and position its products/services to get the maximum competitive advantage
- Match each of the terms to their description: Shutdown Point A. something that keeps new firms from joining a market B. legal protection for inventions C. legal protection for books and music D. a firm that operates as a monopolist Price maker Barriers to Entry Copyright E. revenues do not cover its average variable costs PatentPerfect competition and monopoly are the two extremes of market structures. Discuss the difference between the markets. Analyze the considerations for an entrepreneur thinking about entering either market. Use examples from a business you might consider opening one day.Why e-commerce are considered as near perfect competition?