Determine the market structure (perfect competition, monopoly, monopolistic competition, oligopoly) to which each of the firms listed below most likely belongs and explain the factor(s) that justify your determination. (20pts) A big-box movie production company A local appliance repair company State-licensed medical clinics in a city An Internet and telecommunications provider Fast-food street vendors in a city's commercial district b. Artie's pizzeria is a local pizza shop that charges $13 for a personal size pizza. Artie wants to increase his total revenue. Recent market research on the pizza industry indicates that the price elastic of demand for personal size pizza is about 1.2. Should Artie lower or raise the price of his personal size pizza? Explain with economics. c. The base rate for a taxi fare in Toronto was recently raised by the Toronto taxi Commission from $3.00 to $3.50. After this increase, taxicab ridership decreased by 8%. Using the midpoint formula, determine if the demand for taxi rides in Toronto is elastic or inelastic. Why might this estimate of elasticity be inaccurate. From your calculation, what happened to the cab driver's revenue after the fare rose.

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a Market Structures Bigbox movie production company This is likely a form of oligopoly There are onl... View the full answer