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5 Written questions

5 Multiple choice questions

  1. a market structure in which one firm makes up the entire market
  2. a market structure in which there are only a few firms and firms explicitly take other firms' likely response into account
  3. multiple firms make the same pricing decisions even though they have not explicitly consulted with one another
  4. an industry classification that categorizes industries by type of economic activity and groups firms with like production processes
  5. a market structure in which there are many firms selling differentiated products and few barriers to entry

4 True/False questions

  1. market structurelegal protection of a technical innovation that gives the person holding it sole right to use that innovation


  2. cartel model of oligopolya model that assumes that oligopolies act as if they were monopolists that have assigned output quotas to individual member firms of the oligopoly so that total output is consistent with joint profit maximization


  3. strategic decision makingtaking explicit account of a rival's expected response to a decision you are making


  4. contestable market modela model of oligopoly in which barriers to entry and barriers to exit, not the structure of the market, determine a firm's price and output decisions


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