TED-Ed: Why do competitors open their stores next to one another? - Jac de Haan
Interactive Video
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Social Studies
•
KG - University
•
Hard
Wayground Content
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary reason similar businesses tend to cluster together according to Hotelling's Model?
To create a monopoly in the market
To minimize the distance customers have to travel
To increase the variety of products offered
To maximize individual profits by reducing competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the initial agreement between the two ice cream vendors, what was the main benefit for the customers?
They received discounts on ice cream
They had to walk less distance to reach a vendor
They could buy ice cream from both vendors
They had more ice cream flavors to choose from
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when both vendors move towards the center of the beach?
They end up serving the same customers
They reach a Nash Equilibrium
They both lose customers to other vendors
They increase their profits significantly
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is the Nash Equilibrium not considered a socially optimal solution in this scenario?
Because it reduces the variety of ice cream available
Because it leads to a monopoly
Because it results in higher prices for ice cream
Because it increases the walking distance for customers at the ends of the beach
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do businesses in the real world maintain competitiveness according to the video?
By avoiding competition altogether
By reducing the quality of their products
By differentiating their products and using marketing strategies
By clustering together in one location
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