fast food. The demand of Wendy’s service is highly elastic. A change in price will affect demand for products. Wendy’s market structure is an oligopoly and has two main competitors; McDonalds and Burger King. In an oligopoly‚ the market is dominated by a few large producers of a homogeneous or differentiated product. Because of their "fewness‚" oligopolies have considerable control over their prices‚ but each must consider the possible reaction of rivals to its own pricing‚ output‚ and advertising
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the world‚ an estimated 264.2 billion barrels. And occupies the first place as the largest producer and exporter of oil in the world‚ where it plays a leading role in the organization of petroleum exporting countries (OPEC) to produce twenty nine percent of the total production of OPEC. In addition‚ the biggest turning point of the Saudi economy is Ghawar‚ it is by far the largest conventional oil field in the world and approximately sixty percent of all Saudi oil produced between 1948 and 2000 came
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bookstores offer SAS‚ crime and love interests. All this has reduced the significance of public service of the notion that there is any purpose to the media except to make money for the shareholders. On a more global scale the same oligopolies have been accused of “cultural imperialism”. Herbert Schiller explains his point by pointing out that instead of using military force or repression as a way to influence a country‚ the USA has used mass media as a weapon
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Katrina’s Candies would be successful operating in an Oligopolistic Structure. Oligopoly is a market structure characterized by a small number of relatively large firms that dominate an industry. The market can be dominated by as few as two firms or as many as twenty‚ and still be considered oligopoly. With fewer than two firms‚ the industry is monopoly. As the number of firms increase (but with no exact number) oligopoly becomes monopolistic competition. Because an oligopolistic firm is relatively
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its version. The product is not unique. Good or poor information is largely irrelevant: Whether the information is good or bad is essentially irrelevant since there is no other product to compare this one to. Barriers to Entry: As in oligopoly‚ firms are not able to move resources in‚ and out of this market relatively easily with little expense. The barriers to entry are higher in monopoly and also include the same two types. Artificial barriers: artificial barriers to entry keep
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Chapter 7 Competition and Policies towards Monopolies and Oligopolies‚ Privatization and Deregulation Suggested Answers to the Review Questions I. Questions 1. Pure monopoly refers to the case where: a) there is a single firm selling the commodity‚ b) there are no close substitutes for the commodity‚ and c) entry into the industry is very difficult or impossible. If we further assume that the monopolist has perfect knowledge of present and future prices and costs‚ we have perfect monopoly
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1 What is an oligopoly? An oligopoly is a business market that is controlled by only a small group of firms. As opposed to a monopoly (only one firm) or a duopoly (two firms) an oligopoly is defined by having three or more businesses involved. It could be described as a market with only a small amount of competition. The oligopoly relates to sellers within the market‚ not buyers‚ so the sales market would only be controlled by a small number of businesses. This usually means that a decision or
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in terms of pricing‚ supply‚ entry & exit‚ competition and efficiency. Currently‚ there are four types of market structures practiced in the world. These are: 1. Perfect Competition 2. Imperfect or Monopolistic Competition 3. Monopoly 4. Oligopoly These market structures are as a result of the different degrees of competition within the industry. Each structure is differentiated by freedom of entry and exit‚ number of buyers and sellers‚ product differentiation‚ etc. However‚ each market
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For drilling in the USA Drilling in the United States is the best thing that we could do for our economy and for everyone as a nation. There are a lot of factors as to why we should be creating jobs‚ making money for the United States and protecting wild life and our oceans through land drilling. Drilling in the United States will benefit us in many ways. According‚ to Portal Seven‚ our current unemployment rate under President Obama is at 9.4%; that’s the U-6 report. Drilling in the United
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Study Guide Chapter 14 1. Why was the period from 1945 to 1973 considered a “Golden Age” economically? Did the U.S.‚ Japan‚ and Western Europe perform well during this period? a. Fast economic growth in any history of the world b. Yes. They were able to rebuild their economies colonial rule came to an en and developing countries began to grow rapidly than the industrialized ones c. Also a large benefit in natural resources- OIL d. The Golden Age-
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