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5 Written questions

5 Multiple choice questions

  1. an index of market concentration calculated by adding the squared value of the individual market shares of the firms in the industry
  2. an industry classification that categorizes industries by type of economic activity and groups firms with like production processes
  3. multiple firms make the same pricing decisions even though they have not explicitly consulted with one another
  4. to charge different prices to different individuals or groups of individuals
  5. taking explicit account of a rival's expected response to a decision you are making

4 True/False questions

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

          

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

          

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