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5 Written questions

5 Matching questions

  1. Unbalanced Oligopoly
  2. Kinked Demand Curve
  3. Price Leadership
  4. Cartel
  5. Payoff Matrix
  1. a The demand curve faced by an oligopolist. The curve is more elastic when the firm raises its price than when it lowers its price.
  2. b A firm whose price decisions are tacitly accepted and followed by others in the industry.
  3. c A group of firms that collude to limit competition in a market by negotiating and accepting agreed-upon prices and market shares.
  4. d An oligopoly in which the sales of the leading (top four) firms are distributed unevenly among them.
  5. e A table that shows the payoffs that each firm earns from every combination of strategies by the firms.

5 Multiple choice questions

  1. A merger between firms who have a buyer/supplier relationship. Example: BFGoodrich merging with rubber plantations.
  2. An agreement among firms in a market about quantities to produce or prices to charge in attempts to limit competition.
  3. Variations on one good so that a firm can increase market share.
  4. Any combination of strategies in which each players' strategy is his or her best choice, given the other players' strategies.
  5. A merger between two firms in the same industry. Example: 2004 K-Mart merged with Sears

5 True/False questions

  1. Balanced OligopolyAn oligopoly in which the sales of the leading (top four) firms are distributed unevenly among them.

          

  2. GodfatherThe dominate firm in the oligopoly, whose pricing decisions are tacitly followed. The Godfather is the price leader.

          

  3. Price DiscriminationVariations on one good so that a firm can increase market share.

          

  4. Tit-for-Tat StrategyA merger between two firms in the same industry. Example: 2004 K-Mart merged with Sears

          

  5. Game TheoryThe dominate firm in the oligopoly, whose pricing decisions are tacitly followed. The Godfather is the price leader.