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5 Written questions

5 Multiple choice questions

  1. taking explicit account of a rival's expected response to a decision you are making
  2. legal protection of a technical innovation that gives the person holding it sole right to use that innovation
  3. an index of market concentration calculated by adding the squared value of the individual market shares of the firms in the industry
  4. a market structure in which there are many firms selling differentiated products and few barriers to entry
  5. multiple firms make the same pricing decisions even though they have not explicitly consulted with one another

4 True/False questions

  1. Monopolya market structure in which one firm makes up the entire market


  2. 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


  3. natural monopolya market structure in which one firm makes up the entire market


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