(a) The type of market for Wheat belongs is to be determined.

Question

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Answer 1

Question

Chapter 15, Problem 1SPPA

To determine

(a)

The type of market for Wheat belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Perfectly competitive market.

Explanation of Solution

The wheat belongs to perfectly competitive market because it is a homogenous commodity and each producers of wheat share small portion of market share.

Economics Concept Introduction

Perfect Competition:

Perfect competition is a market condition where a very large number of buyer and sellers exists, and the seller sells the homogenous commodities with perfect knowledge.

To determine

(b)

The type of market for jeans belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopolistically competitive market.

Explanation of Solution

Jeans belongs to monopolistically competitive market. There are a large number of sellers exists in this market and each firm has some control over the price of jeans. So, jeans belong to monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

To determine

(c)

The type of market for printer cartridges belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

Printer cartridge belongs oligopoly market. Since it contains the characteristic − few firms participate for most or all of total production and these firms enjoys all market share and profits.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(d)

The type of market for toothpaste belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

The toothpaste contains the characteristics of oligopoly market. There are few sellers and manufacturer for toothpaste and these firms enjoys whole profit and market share. So, it belongs to oligopoly market.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(e)

The type of market for gym membership in a town with one gym belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopoly market.

Explanation of Solution

Gym membership in a town with one gym belongs to a monopoly market. Since there is only one gym in a town, with no substitute and the owner has complete control over its price.

Economics Concept Introduction

Monopoly Market:

Monopoly market refers to the market situation where a single firm enjoys the largest market share by selling the commodity which has no close substitute and the entry for new firms in the monopoly market is very difficult.

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Answer 2

Question

Chapter 15, Problem 1SPPA

To determine

(a)

The type of market for Wheat belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Perfectly competitive market.

Explanation of Solution

The wheat belongs to perfectly competitive market because it is a homogenous commodity and each producers of wheat share small portion of market share.

Economics Concept Introduction

Perfect Competition:

Perfect competition is a market condition where a very large number of buyer and sellers exists, and the seller sells the homogenous commodities with perfect knowledge.

To determine

(b)

The type of market for jeans belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopolistically competitive market.

Explanation of Solution

Jeans belongs to monopolistically competitive market. There are a large number of sellers exists in this market and each firm has some control over the price of jeans. So, jeans belong to monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

To determine

(c)

The type of market for printer cartridges belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

Printer cartridge belongs oligopoly market. Since it contains the characteristic − few firms participate for most or all of total production and these firms enjoys all market share and profits.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(d)

The type of market for toothpaste belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

The toothpaste contains the characteristics of oligopoly market. There are few sellers and manufacturer for toothpaste and these firms enjoys whole profit and market share. So, it belongs to oligopoly market.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(e)

The type of market for gym membership in a town with one gym belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopoly market.

Explanation of Solution

Gym membership in a town with one gym belongs to a monopoly market. Since there is only one gym in a town, with no substitute and the owner has complete control over its price.

Economics Concept Introduction

Monopoly Market:

Monopoly market refers to the market situation where a single firm enjoys the largest market share by selling the commodity which has no close substitute and the entry for new firms in the monopoly market is very difficult.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 15, Problem 1SPPA

To determine

(a)

The type of market for Wheat belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Perfectly competitive market.

Explanation of Solution

The wheat belongs to perfectly competitive market because it is a homogenous commodity and each producers of wheat share small portion of market share.

Economics Concept Introduction

Perfect Competition:

Perfect competition is a market condition where a very large number of buyer and sellers exists, and the seller sells the homogenous commodities with perfect knowledge.

To determine

(b)

The type of market for jeans belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopolistically competitive market.

Explanation of Solution

Jeans belongs to monopolistically competitive market. There are a large number of sellers exists in this market and each firm has some control over the price of jeans. So, jeans belong to monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

To determine

(c)

The type of market for printer cartridges belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

Printer cartridge belongs oligopoly market. Since it contains the characteristic − few firms participate for most or all of total production and these firms enjoys all market share and profits.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(d)

The type of market for toothpaste belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

The toothpaste contains the characteristics of oligopoly market. There are few sellers and manufacturer for toothpaste and these firms enjoys whole profit and market share. So, it belongs to oligopoly market.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(e)

The type of market for gym membership in a town with one gym belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopoly market.

Explanation of Solution

Gym membership in a town with one gym belongs to a monopoly market. Since there is only one gym in a town, with no substitute and the owner has complete control over its price.

Economics Concept Introduction

Monopoly Market:

Monopoly market refers to the market situation where a single firm enjoys the largest market share by selling the commodity which has no close substitute and the entry for new firms in the monopoly market is very difficult.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 15, Problem 1SPPA

To determine

(a)

The type of market for Wheat belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Perfectly competitive market.

Explanation of Solution

The wheat belongs to perfectly competitive market because it is a homogenous commodity and each producers of wheat share small portion of market share.

Economics Concept Introduction

Perfect Competition:

Perfect competition is a market condition where a very large number of buyer and sellers exists, and the seller sells the homogenous commodities with perfect knowledge.

To determine

(b)

The type of market for jeans belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopolistically competitive market.

Explanation of Solution

Jeans belongs to monopolistically competitive market. There are a large number of sellers exists in this market and each firm has some control over the price of jeans. So, jeans belong to monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

To determine

(c)

The type of market for printer cartridges belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

Printer cartridge belongs oligopoly market. Since it contains the characteristic − few firms participate for most or all of total production and these firms enjoys all market share and profits.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(d)

The type of market for toothpaste belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

The toothpaste contains the characteristics of oligopoly market. There are few sellers and manufacturer for toothpaste and these firms enjoys whole profit and market share. So, it belongs to oligopoly market.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(e)

The type of market for gym membership in a town with one gym belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopoly market.

Explanation of Solution

Gym membership in a town with one gym belongs to a monopoly market. Since there is only one gym in a town, with no substitute and the owner has complete control over its price.

Economics Concept Introduction

Monopoly Market:

Monopoly market refers to the market situation where a single firm enjoys the largest market share by selling the commodity which has no close substitute and the entry for new firms in the monopoly market is very difficult.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 15, Problem 1SPPA

To determine

(a)

The type of market for Wheat belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Perfectly competitive market.

Explanation of Solution

The wheat belongs to perfectly competitive market because it is a homogenous commodity and each producers of wheat share small portion of market share.

Economics Concept Introduction

Perfect Competition:

Perfect competition is a market condition where a very large number of buyer and sellers exists, and the seller sells the homogenous commodities with perfect knowledge.

To determine

(b)

The type of market for jeans belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopolistically competitive market.

Explanation of Solution

Jeans belongs to monopolistically competitive market. There are a large number of sellers exists in this market and each firm has some control over the price of jeans. So, jeans belong to monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

To determine

(c)

The type of market for printer cartridges belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

Printer cartridge belongs oligopoly market. Since it contains the characteristic − few firms participate for most or all of total production and these firms enjoys all market share and profits.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(d)

The type of market for toothpaste belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

The toothpaste contains the characteristics of oligopoly market. There are few sellers and manufacturer for toothpaste and these firms enjoys whole profit and market share. So, it belongs to oligopoly market.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

To determine

(e)

The type of market for gym membership in a town with one gym belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopoly market.

Explanation of Solution

Gym membership in a town with one gym belongs to a monopoly market. Since there is only one gym in a town, with no substitute and the owner has complete control over its price.

Economics Concept Introduction

Monopoly Market:

Monopoly market refers to the market situation where a single firm enjoys the largest market share by selling the commodity which has no close substitute and the entry for new firms in the monopoly market is very difficult.

Answer 6

Chapter 15, Problem 1SPPA

To determine

(a)

The type of market for Wheat belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Perfectly competitive market.

Explanation of Solution

The wheat belongs to perfectly competitive market because it is a homogenous commodity and each producers of wheat share small portion of market share.

Economics Concept Introduction

Perfect Competition:

Perfect competition is a market condition where a very large number of buyer and sellers exists, and the seller sells the homogenous commodities with perfect knowledge.

Answer 7

Chapter 15, Problem 1SPPA

To determine

(a)

The type of market for Wheat belongs is to be determined.

Answer 8

Expert Solution

Answer to Problem 1SPPA

Perfectly competitive market.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

The wheat belongs to perfectly competitive market because it is a homogenous commodity and each producers of wheat share small portion of market share.

Answer 13

Economics Concept Introduction

Perfect Competition:

Perfect competition is a market condition where a very large number of buyer and sellers exists, and the seller sells the homogenous commodities with perfect knowledge.

Answer 14

To determine

(b)

The type of market for jeans belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopolistically competitive market.

Explanation of Solution

Jeans belongs to monopolistically competitive market. There are a large number of sellers exists in this market and each firm has some control over the price of jeans. So, jeans belong to monopolistically competitive market.

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Answer 15

To determine

(b)

The type of market for jeans belongs is to be determined.

Answer 16

Expert Solution

Answer to Problem 1SPPA

Monopolistically competitive market.

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Expert Solution

Answer 20

Explanation of Solution

Jeans belongs to monopolistically competitive market. There are a large number of sellers exists in this market and each firm has some control over the price of jeans. So, jeans belong to monopolistically competitive market.

Answer 21

Economics Concept Introduction

Monopolistically competitive market:

Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Answer 22

To determine

(c)

The type of market for printer cartridges belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

Printer cartridge belongs oligopoly market. Since it contains the characteristic − few firms participate for most or all of total production and these firms enjoys all market share and profits.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

Answer 23

To determine

(c)

The type of market for printer cartridges belongs is to be determined.

Answer 24

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Answer 25

Expert Solution

Answer 26

Expert Solution

Answer 27

Expert Solution

Answer 28

Explanation of Solution

Printer cartridge belongs oligopoly market. Since it contains the characteristic − few firms participate for most or all of total production and these firms enjoys all market share and profits.

Answer 29

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

Answer 30

To determine

(d)

The type of market for toothpaste belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Explanation of Solution

The toothpaste contains the characteristics of oligopoly market. There are few sellers and manufacturer for toothpaste and these firms enjoys whole profit and market share. So, it belongs to oligopoly market.

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

Answer 31

To determine

(d)

The type of market for toothpaste belongs is to be determined.

Answer 32

Expert Solution

Answer to Problem 1SPPA

Oligopoly market.

Answer 33

Expert Solution

Answer 34

Expert Solution

Answer 35

Expert Solution

Answer 36

Explanation of Solution

The toothpaste contains the characteristics of oligopoly market. There are few sellers and manufacturer for toothpaste and these firms enjoys whole profit and market share. So, it belongs to oligopoly market.

Answer 37

Economics Concept Introduction

Oligopoly Market:

The oligopoly market refers to the situation where only a few firms participate for most or all of total production. In this market, these few firms earn a substantial profit in the long run because the barrier to entry makes it very difficult to enter new firms in the market.

Answer 38

To determine

(e)

The type of market for gym membership in a town with one gym belongs is to be determined.

Expert Solution

Answer to Problem 1SPPA

Monopoly market.

Explanation of Solution

Gym membership in a town with one gym belongs to a monopoly market. Since there is only one gym in a town, with no substitute and the owner has complete control over its price.

Economics Concept Introduction

Monopoly Market:

Monopoly market refers to the market situation where a single firm enjoys the largest market share by selling the commodity which has no close substitute and the entry for new firms in the monopoly market is very difficult.

Answer 39

To determine

(e)

The type of market for gym membership in a town with one gym belongs is to be determined.

Answer 40

Expert Solution

Answer to Problem 1SPPA

Monopoly market.

Answer 41

Expert Solution

Answer 42

Expert Solution

Answer 43

Expert Solution

Answer 44

Explanation of Solution

Gym membership in a town with one gym belongs to a monopoly market. Since there is only one gym in a town, with no substitute and the owner has complete control over its price.

Answer 45

Economics Concept Introduction

Monopoly Market:

Monopoly market refers to the market situation where a single firm enjoys the largest market share by selling the commodity which has no close substitute and the entry for new firms in the monopoly market is very difficult.