Unit 7: Homework<\/p>\n
Directions<\/p>\n
Remember, homework is your opportunity to practice using your newly developed skills and knowledge.\u00a0 In order to get the maximum benefit out of this assignment, you are to work alone to create \/ identify the solutions to the following questions. The text should be your primary source of information throughout this course.<\/p>\n
Consolidate your response into one file and submit it to your instructor no later than Sunday at Midnight Central Time. Your file should be named with your first and last name followed by the unit number, i.e. \u201cTom Jones 1\u201d or \u201cMary Brown 1\u201d.\u00a0 Your file should be in Microsoft Word (*.doc) format.\u00a0 Other formats will need instructor consent prior\u00a0to submitting your work!<\/p>\n
Submit your assignment by attaching it in the Submission Link, by clicking on the Submission Link tab at the top of the course frame and choosing the current unit assignment. Do not paste it into the Submission Link. Do not email your assignment.<\/p>\n
This Unit’s Homework<\/p>\n
Ending each chapter and appendix in the text are the chapter summary, terms and concepts, and study questions.\u00a0 You are to review the chapter summary and the terms and concepts and then prepare answers to the following study questions.<\/p>\n
Chapter 9: # 3, 5, 10, 11<\/p>\n
#3. “Monopolistic competition is monopolistic up to the point at which consumers become willing to buy close-substitute products and competitive beyond that point.” Explain. L01, LO2<\/p>\n
#5. Why do oligopolies exist? List five or six oligopolists whose products you own or regularly purchase. What distinguishes oligopoly from monopolistic competition? LO3<\/p>\n
# 10. Why is there so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency? Why might it be excessive at times? LO7<\/p>\n
#11. What firm dominates the beer industry? What demand and supply factors have contributed to “fewness” in this industry? LO3<\/p>\n","protected":false},"excerpt":{"rendered":"
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