Question

The products sold by companies in these markets are differentiated from each other but have competing demand. For 10 points each:
[10m] Name this market structure often used to model restaurants because each seller has a low but non-zero degree of market power.
ANSWER: monopolistic competition [do not accept “monopoly” or “(perfect) competition”]
[10h] The long-run equilibrium in monopolistic competition is reached when one of these two curves shifts to be tangent to the other. Name both.
ANSWER: demand AND average total cost [accept D or long-run demand in place of demand; accept ATC in place of average total cost; prompt on partial answers for average total cost]
[10e] Like in monopolistic competition, each firm has partial but not total market power in this other market structure, which is characterized by having only a few sellers, but more than a duopoly.
ANSWER: oligopoly
<Benjamin McAvoy-Bickford, Social Science>

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Summary

2023 Penn Bowl @ Waterloo10/28/2023Y417.50100%75%0%
2023 Penn Bowl @ FSU10/28/2023Y215.00100%50%0%
2023 Penn Bowl (Harvard)10/21/2023Y313.33100%33%0%
2023 Penn Bowl (Mainsite)10/21/2023Y717.14100%71%0%
2023 Penn Bowl (Norcal)10/28/2023Y215.00100%50%0%
2023 Penn Bowl (South Central)10/28/2023Y310.00100%0%0%
2023 Penn Bowl (UK)10/28/2023Y514.0080%60%0%
2023 Penn Bowl @ UNC10/28/2023Y313.33100%33%0%

Data

Florida ANorth Florida1001020
FSU BFSU A001010