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5 Written questions

5 Multiple choice questions

  1. taking explicit account of a rival's expected response to a decision you are making
  2. a market structure in which there are many firms selling differentiated products and few barriers to entry
  3. a 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
  4. an index of market concentration calculated by adding the squared value of the individual market shares of the firms in the industry
  5. an industry in which a single firm can produce at a lower cost than can two or more firms

4 True/False questions

  1. concentration ratiothe value of sales by the top firms of an industry states as a percentage of total industry sales


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


  3. 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


  4. North American Industry Classification System (NAICS)an industry classification that categorizes industries by type of economic activity and groups firms with like production processes


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