Compare and contrast the outcomes with respect to price and output in a monopolistically competitive market and a perfectly competitive market. In which situation are consumers better off? Why?
102) The situation in which the long-run average cost curve exhibits economies of scale over the entire range of output is called a "natural monopoly." Explain why, in the case of a natural monopoly, it would be cost efficient to have a single firm serve the entire market.
103) Explain how network externalities act as a barrier to entry.
104) Assume the market shares of the six largest firms in an industry are 12 percent each. Calculate the six-firm concentration ratio and Herfindahl-Hirschman index for this industry. What does each of these measures have to say about the degree of concentration in the industry? Explain.
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