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5 Written questions

5 Multiple choice questions

  1. a market structure in which there are many firms selling differentiated products and few barriers to entry
  2. an industry classification that categorizes industries by type of economic activity and groups firms with like production processes
  3. to charge different prices to different individuals or groups of individuals
  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. Monopolya market structure in which there are only a few firms and firms explicitly take other firms' likely response into account

          

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

          

  3. implicit collusionmultiple firms make the same pricing decisions even though they have not explicitly consulted with one another

          

  4. concentration ratioto charge different prices to different individuals or groups of individuals