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Chapter 15 & 16 Test

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5 Written Questions

5 Multiple Choice Questions

  1. refers to the physical characteristics of the market within which firms interact
  2. taking explicit account of a rival's expected response to a decision you are making
  3. a 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. a market structure in which there are only a few firms and firms explicitly take other firms' likely response into account
  5. a market structure in which one firm makes up the entire market

4 True/False Questions

  1. natural monopolya market structure in which one firm makes up the entire market

          

  2. cartel model of oligopolyan industry in which a single firm can produce at a lower cost than can two or more firms

          

  3. Herfindahl Indexa market structure in which there are only a few firms and firms explicitly take other firms' likely response into account

          

  4. price-discriminationto charge different prices to different individuals or groups of individuals

          

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