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5 Written questions

5 Multiple choice questions

  1. 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
  2. an industry in which a single firm can produce at a lower cost than can two or more firms
  3. a market structure in which there are many firms selling differentiated products and few barriers to entry
  4. to charge different prices to different individuals or groups of individuals
  5. multiple firms make the same pricing decisions even though they have not explicitly consulted with one another

4 True/False questions

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

          

  2. Herfindahl Indexan index of market concentration calculated by adding the squared value of the individual market shares of the firms in the industry

          

  3. patenta market structure in which one firm makes up the entire market

          

  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