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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. multiple firms make the same pricing decisions even though they have not explicitly consulted with one another
  3. an industry classification that categorizes industries by type of economic activity and groups firms with like production processes
  4. refers to the physical characteristics of the market within which firms interact
  5. a market structure in which one firm makes up the entire market

4 True/False questions

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


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


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


  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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