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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. taking explicit account of a rival's expected response to a decision you are making
  3. an index of market concentration calculated by adding the squared value of the individual market shares of the firms in the industry
  4. a market structure in which there are many firms selling differentiated products and few barriers to entry
  5. the value of sales by the top firms of an industry states as a percentage of total industry sales

4 True/False questions

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

          

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

          

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

          

  4. oligopolya market structure in which one firm makes up the entire market