33. If you got a new job and moved to Dale, Indiana (population 1,500) you would
ID: 1112218 • Letter: 3
Question
33. If you got a new job and moved to Dale, Indiana (population 1,500) you would expect to find two grocery stores, the market form is A) monopoly B) oligopoly. e C) monopolistic competition. D) perfect competition. 34. If you got a new job and moved to Terre Haute, Indiana (population 60,000) you would expect to find ten grocery stores (two Walmart Supercenters, three Krogers, a Meijer, two IGA affiliates, and two independent grocery stores), the market form is A) monopoly B) oligopoly. C) monopolistic competition. D) perfect competition. 35. If you got a new job and moved to Indianapolis, Indiana (population 800,000) you would expect to find more than 100 grocery stores (several Walmart Supercenters and Super Targets, several Krogers, Marshes and dozens of IGA affliates and dozens more independent grocery stores), the market form is A) monopoly. B) oligopoly. C) monopolistic competition. D) perfect competition. 36. In small towns where there are two grocery stores, the market form is A) monopoly. B) oligopoly. C) monopolistic competition. D) perfect competition.Explanation / Answer
The correct answer for question number 33 is oligopoly. In such a market structure there are few forms and each of them play strategically. Grocery stores are usually large and sell multiple products which gives them market power.
The correct answer for question number 34 is oligopoly. The reason is that Monopoly has only one single seller and oligopoly has few sellers so for both the questions there are more than one seller but not many so there will be oligopoly market structure.
The correct answer for question number 35 is monopolistic competition. There are now many firms greater than the number of firms in question 34. When there are many firms in the market catering a large number of consumers the market structure is monopolistic competition
The correct answer for question number 36 is again oligopoly because there are only two stores in the market. It cannot be a Monopoly because Monopoly has only one seller
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