Question

1. which of the following can cause demand to shift? changes in consumer income changes in consumer preferences changes in producer costs change in the products price 2. match the market structure to an example: 1. monopoly a. airline industry 2. monopolistic competition b. local electricity provider 3. oligopoly c. clothing retailers 3. which are features of an oligopoly? high barriers to entry identical products with no differentiation complete absence of competition

Explanation:

1. Changes in consumer income and preferences can shift the demand curve as they affect consumers' willingness and ability to buy. Producer costs affect supply, and a change in product price causes a movement along the demand - curve, not a shift.
2. A monopoly has a single seller. A local electricity provider is often a monopoly due to high infrastructure costs creating barriers to entry. Monopolistic competition has many sellers with differentiated products like clothing retailers. An oligopoly has a few large firms, such as the airline industry.
3. Oligopolies have high barriers to entry due to factors like large capital requirements and economies of scale. Products can be differentiated or homogeneous, and there is competition among the few firms.

Answer:

1. Changes in consumer income, Changes in consumer preferences
2. 1. Monopoly - b. Local electricity provider; 2. Monopolistic competition - c. Clothing retailers; 3. Oligopoly - a. Airline industry
3. High barriers to entry