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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. 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
  3. a market structure in which there are only a few firms and firms explicitly take other firms' likely response into account
  4. an industry classification that categorizes industries by type of economic activity and groups firms with like production processes
  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. patenta market structure in which one firm makes up the entire market

          

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

          

  3. cartel model of oligopolya 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. strategic decision makingtaking explicit account of a rival's expected response to a decision you are making

          

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