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5 Written questions

5 Multiple choice questions

  1. an industry in which a single firm can produce at a lower cost than can two or more firms
  2. a market structure in which there are only a few firms and firms explicitly take other firms' likely response into account
  3. refers to the physical characteristics of the market within which firms interact
  4. the value of sales by the top firms of an industry states as a percentage of total industry sales
  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. price-discriminationto charge different prices to different individuals or groups of individuals


  4. North American Industry Classification System (NAICS)taking explicit account of a rival's expected response to a decision you are making