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5 Written questions

5 Multiple choice questions

  1. a market structure in which one firm makes up the entire market
  2. the value of sales by the top firms of an industry states as a percentage of total industry sales
  3. multiple firms make the same pricing decisions even though they have not explicitly consulted with one another
  4. taking explicit account of a rival's expected response to a decision you are making
  5. an industry in which a single firm can produce at a lower cost than can two or more firms

4 True/False questions

  1. price-discriminationthe value of sales by the top firms of an industry states as a percentage of total industry sales

          

  2. monopolistic competitionmultiple firms make the same pricing decisions even though they have not explicitly consulted with one another

          

  3. patentlegal protection of a technical innovation that gives the person holding it sole right to use that innovation

          

  4. market structurerefers to the physical characteristics of the market within which firms interact