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5 Written questions

5 Multiple choice questions

  1. multiple firms make the same pricing decisions even though they have not explicitly consulted with one another
  2. an industry in which a single firm can produce at a lower cost than can two or more firms
  3. a model that assumes that oligopolies act as if they were monopolists that have assigned output quotas to individual member firms of the oligopoly so that total output is consistent with joint profit maximization
  4. a market structure in which one firm makes up the entire market
  5. legal protection of a technical innovation that gives the person holding it sole right to use that innovation

4 True/False questions

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

          

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

          

  3. North American Industry Classification System (NAICS)an industry classification that categorizes industries by type of economic activity and groups firms with like production processes

          

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