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>
Summary
| 2023 Penn Bowl @ Waterloo | 10/28/2023 | Y | 4 | 17.50 | 100% | 75% | 0% |
| 2023 Penn Bowl @ FSU | 10/28/2023 | Y | 2 | 15.00 | 100% | 50% | 0% |
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| 2023 Penn Bowl (Norcal) | 10/28/2023 | Y | 2 | 15.00 | 100% | 50% | 0% |
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| 2023 Penn Bowl (UK) | 10/28/2023 | Y | 5 | 14.00 | 80% | 60% | 0% |
| 2023 Penn Bowl @ UNC | 10/28/2023 | Y | 3 | 13.33 | 100% | 33% | 0% |