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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. an index of market concentration calculated by adding the squared value of the individual market shares of the firms in the industry
  3. taking explicit account of a rival's expected response to a decision you are making
  4. an industry in which a single firm can produce at a lower cost than can two or more firms
  5. a market structure in which there are only a few firms and firms explicitly take other firms' likely response into account

4 True/False questions

  1. monopolistic competitiona market structure in which there are many firms selling differentiated products and few barriers to entry

          

  2. price-discriminationthe value of sales by the top firms of an industry states as a percentage of total industry sales

          

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

          

  4. market structurelegal protection of a technical innovation that gives the person holding it sole right to use that innovation