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5 Written Questions

5 Multiple Choice Questions

  1. a market structure in which there are only a few firms and firms explicitly take other firms' likely response into account
  2. 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
  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. an index of market concentration calculated by adding the squared value of the individual market shares of the firms in the industry

4 True/False Questions

  1. monopolistic competitionmultiple firms make the same pricing decisions even though they have not explicitly consulted with one another

          

  2. market structurerefers to the physical characteristics of the market within which firms interact

          

  3. natural monopolyan industry in which a single firm can produce at a lower cost than can two or more firms

          

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

          

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