1. define the term explicit and implicit costs, give examples

which of the following statements about industries that are oligopolies is false? Select one a. An oligopoly with two firms is calleda duopaly, b. Firms in these industries may attempt to cooperate. C The fact that there is more than one firm in an oligopoly means that there are no barrien to entry d. Firms in these industries are interdependent

10. please quikcly thanks ! Which of the following situations would create conducive environment for the practice of effective collusive oligopoly? A. Slow increase in the number of potential producers. B. Demand curve becomes less elastic for the collusive oligopoly's product. C. Rivals ignore price cuts but follow price increases. D. All firms avoid nonprice competition.

*You only need to answer question D*

1. Write a sentence or two defining the following terms in your own words. Give examples of each.      s. Oligopoly      t. Induced      u. Inelastic Demand

23. 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

E2

a) Using the following graph state the price and quantity the firm will be at if the oligopoly market is competitive and in long run equilibrium. Explain why the firm will be at that price and quantity. MC ATC 1 E 10 20 30 40 50 60 70 80 Quantity b) Using the same graph explain what the price and quantity would be if the market formed a cartel. Explain the cartel and how it works, and why firms form them. Price and Cost (dollars)

*You only need to answer question B*

What are the main characteristics of oligopoly? How does output and price compare to that of perfect competition?               What are the main characteristics of oligopoly? How does output and price compare to that of perfect competition? View keyboard shortcuts   EditViewInsertFormatToolsTable 12pt   Paragraph