BEC 1034 Microeconomics GROUP ASSIGNMENT Lecturer’s Name: Madam ONG HWAY BOON Section: BC 177 Article: The Malaysian Insider (27 July 2012) List of members: NAME ID NO Tan Hui Juin 1122701693 Lai Zhi Wei 1122702253 Felicia Mah Phui Mun 1122701689 Toh Han Lin 1131120643 Koh Kai Bin 1131119181 a) Will there be an increase or decrease in demand? There will be an increase in demand of car because the tax of car has been cut for public‚ it cause the price of cars decrease‚ so
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remaining Distribution 4. List other alternative energy sources currently in use. a. b. c. 5. What country imports upwards of 90% of its oil consumption? 6. What does the acronym OPEC stand for? 7. Create a timeline of the recent history of the oil industry and influences of OPEC. Date Significant events 1859 1920s 1970s 1973-74 1980s 1990s 2000s 8. Using the maps on pages 444-445‚ answer the following questions. a. What countries led the world in coal
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Tutor2u Economics Essay Plans For more resources to improve your grade potential go to www.tutor2u.com Plan Number: 10 Topic: Date 30 December 1999 Oligopoly Question: Explain how a firm operating in an oligopolistic industry can attempt to increase its market share An oligopoly is a market dominated by a few producers each of whom has some degree of market power. The industry is normally characterised by barriers to entry in the long run and each firm must take into account
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companies were accused and officially found guilty of uncompetitive behaviour such as price-fixing and the foundation of cartels. Later‚ several experts‚ such as Porta‚ Zona and Pesendorfer‚ found that the suppliers’ bidding behaviour was indeed rather collusive than competitive. We examine the institutional details of the school milk procurement process‚ bidding data‚ statements of dairy executives‚ and supply characteristics in Ohio during the 1980’s. We compare the bidding behavior of a group of firms
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type of market businesses operate in‚ it is important to distinguish which market structure each specific firm belongs to. The four structures which I will go onto explain in depth are perfect competition‚ monopolistic competition‚ monopoly and oligopoly/ duopoly.I will also be comparing and contrasting the theoretical constructs and the associated assumptions. Perfect competition is the most common out of all markets where you will find many businesses competing against each other. The firms in
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Abstract The article analyzes the four main market structures‚ which are perfect competition‚ monopolistic competition‚ oligopoly and monopoly. It provides a detail description of the market‚ as well as explains the pricing strategy a firm would pursue in that particular market. The article also concludes with a real world example of Visa pricing strategy by examining it oligopoly market structure. Visa has few competitors; however‚ it must continuously monitor its competitor’s actions in order to
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economy of today one must understand the different market structures that make up the economy. There are four market structures that define the economic structure within the world’s economy; perfect competition‚ monopoly‚ monopolistic competition‚ and oligopoly. Team A will provide example of each market structure by completing a market structure table. The members of Team A will also compare and contrast the differences between public goods‚ private goods‚ common resources‚ and natural monopolies. Another
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Nowadays most of the extractive industries are part of the Organization of the Petroleum Exporting Countries (OPEC). The OPEC countries have the power to sanction (embargo) a non-producing oil company when they do not agree with its actions. This can on turn have negative economic implications on the sanctioned economy. An example of this is the sanctioning of the United States by OPEC countries during the war with Israel (Stutz‚ 2007). Several advantages that include bargaining
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would easily be competitive markets‚ monopolies and oligopolies. While to the laymen these things may seem all the same these market structures are very different. Competitive markets are known for having products that are open to the public and having many distributors. As a result considering that this is a product that is open to the public that is easily accessible yet has many distributors causing competitions between distributors. Oligopolies on the other hand a few a very limited numbers of
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illustrate how consumers are spending‚ their responses and behavior to a product or service‚ and the price of a product or service. In the following paragraphs there are four types of market structures that will be looked at; the monopoly structure‚ the oligopoly structure‚ the monopolistic competition structure‚ and the pure
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