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5 Written questions

5 Multiple choice questions

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

4 True/False questions

  1. Herfindahl Indexa market structure in which one firm makes up the entire market

          

  2. concentration ratiothe value of sales by the top firms of an industry states as a percentage of total industry sales

          

  3. patentlegal protection of a technical innovation that gives the person holding it sole right to use that innovation

          

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