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1. 90%>CR4>60%.
a.
effective
b.
effective competitive
c.
tight oligopoly
d.
loose oligopoly
2. An oligopolistic firm having lower costs than the other firms sets a lower price which the other firms have to follow.
3. It means that one firm possesses a dominant market share and acts as a leader by setting price for the industry.
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- As the number of firms in an oligopoly grows, theindustry approaches a level of output _________ thecompetitive level and _________ the monopoly level.a. less than; more thanb. more than; less thanc. less than; equal tod. equal to; more thanAs the number of firms in an oligopoly grows large, the industry approaches a level of output that is _ _ _ _ _ the competitive level and _ _ _ _ the monopoly level. a. less than, more than. b. more than, less than. c. less than, equal to. d. equal to, more than.For each statement in the left column find and match convenient part from the right column of the table: Write your answer A. The market, represented by a group of sellers, unified by an agreement on its segmentation and final price of the production, is considered as ... 1. ... for the oligopoly B. The situation in which society undergoes losses due to high prices and low output is more typical for ... 2 ... for the price discrimination C. The market in which several sellers can affect and control the price of products in an industry is typical for ... 3. ... for the price competition D. The situation when a different price is given for the same product is typical for ... 4. ... for the market of imperfect competition E. Limited resources is the main factor determining the situation typical for ... 5. ... for the perfect competition F. The absence of the supply curve is typical for... 6. ... for the cartel…
- An oligopolistic firm having lower costs than the other firms sets a lower price which the other firms have to follow. a. barometric price leadership b. stackelberg oligopoly c. price leadership by a low-cot firm d. price leadership by dominant firmQuestion 20 In the market for a brand name medicine with a single company selling the medicine, that company is a_______Eventually, the government lets other companies sell the medicine as a "generic" alternative to the brand name. The effect of this increased competition is to_______ the medicine's price.O. monopoly, decreaseO. oligopoly, decreaseO. monopoly, increaseO. oligopoly, increase1. Write a sentence or two defining the following terms in your own words. Give examples of each. s. Oligopoly t. Induced u. Inelastic Demand
- 12. Homogeneous oligopoly exists where a small number of firms are: A) producing virtually identical products. B) setting price and output independently. C) setting price and output collusively. D) producing differentiated products.1.In differentiated oligopoly,the elasticity of individual market demand is smaller than in the case of pure oligopoly.Explain this statement in not more three sentences 2.As a prospective production manager of an agribusiness firm whose average variable cost of production is greater than the price per unit of its product in a competitive market indicate ,in not more than four sentences, how would you advice management concerning the operations of the firm 3.Assuming you are the production Economist in a farm firm whose elasticity of production is negative indicate,in not more than 3 sentences, how would you advice management concerning the operations of the firm23. Which of the following is correct about firms in an oligopoly? a. Each firm has complete control over its own selling price. b. All firms independently charge monopoly prices. No one firm controls price, but each has an influence on thc price. d. There is no competition in oligopoly industries
- Faceblock, Gargle+, and SnapHat are rival firms in an oligopoly industry. If kinked-demand theory applies to these three firms, Faceblock’s demand curve will be: a. More elastic above the current price than below it. b. Less elastic above the current price than below it. c. Of equal elasticity both above and below the current price. d. None of the aboveOWhich of the following is NOT a characteristic of oligopoly?A. Few large firms dominate the marketB. High barriers to entryC. Homogeneous productsD. Interdependence among firmsFeve *747 NEW Q1 Which of the following characterize oligopoly markets? Workshop week 9 Maximizing profit under imperfect competition: monopolistic competition and oligopoly. vlogonom a. Non price competition b. Perfect information c. Only a few firms competing. d. Identical products fro A and c B and d A, b, and d B, c, and d i. ii. iii. iv. C. d. 7 Q3 In an oligopoly a. b. UCLan Centr Unive Q2 Firms in monopolistic competition can achieve product differentiation by a. Exploiting economies of scale in production b. B advertising special characteristics c. Expanding plant size d. Setting the price equal to average revenue muzzs on to amor nie! bns binen woy 06) (s muzza arts to smoa nisiqxs has sman woy ns) (d pshoq to 6 zl jsil (8 sriw.nl (d toshaq ont 916 tedW (d 916 16W (6 916 1pW (d The largest four firms are likely to have a small market share. The price is likely to equal marginal revenue. Firms will continue to produce in the long run if price is less than average cost. Firms…
