Economics Homework Nine Answers - Student Fifteen

IsaacZ

`1. I would say the balls used for sports industry because no one cares who makes the football they just care that it is a football.

But why would that be an oligopoly? Sounds more like the conditions for perfect competition, although you could explain that because there is only one buyer (the NFL), there won't be perfect competition. (Minus 1).

2\.

Free pass on a question.

3\. 1.Monopolistic Competition 2.Oligopoly 3. monopoly

Correct, but missing three. (Minus 2).

4.Economies of scale, patents and copyrights, Control of a valuable resource, and licensing of professionals creates a barrier to entry to others who might enter the field.

Correct, but missing government-established monopolies, such as cable franchises. (Minus 1)

5\. The law of demand.

Correct.

36/40. Good.--Andy Schlafly 23:34, 15 November 2009 (EST)