Indicate if the following characteristics exist in oligopolistic market by putting a check (√) on the blank before those that are and a cross (x) for those that are not. _______ 1. Easy entry into the market. _______ 2. Uniform pricing of product _______ 3. Interdependence of action among sellers _______ 4. Products sold may be homogeneous or differentiated. _______ 5. Prevalent nonprice competition _______ 6. Sellers enjoy a degree of market control. _______ 7. The seller’s marginal revenue is lower than price. _______ 8. Profit is maximized where MR = MC. _______ 9. A dec+-rease in the price of one seller is usually matched by price decreases of his rivals. _______ 10. The marginal revenue curve is truncated
Indicate if the following characteristics exist in oligopolistic market by putting a check (√) on the blank before those that are and a cross (x) for those that are not. _______ 1. Easy entry into the market. _______ 2. Uniform pricing of product _______ 3. Interdependence of action among sellers _______ 4. Products sold may be homogeneous or differentiated. _______ 5. Prevalent nonprice competition _______ 6. Sellers enjoy a degree of market control. _______ 7. The seller’s marginal revenue is lower than price. _______ 8. Profit is maximized where MR = MC. _______ 9. A dec+-rease in the price of one seller is usually matched by price decreases of his rivals. _______ 10. The marginal revenue curve is truncated
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Indicate if the following characteristics exist in oligopolistic market by putting a check (√) on the blank before those that are and a cross (x) for those that are not.
_______ 1. Easy entry into the market.
_______ 2. Uniform pricing of product
_______ 3. Interdependence of action among sellers
_______ 4. Products sold may be homogeneous or differentiated.
_______ 5. Prevalent nonprice competition
_______ 6. Sellers enjoy a degree of market control.
_______ 7. The seller’s marginal revenue is lower than price .
_______ 8. Profit is maximized where MR = MC.
_______ 9. A dec+-rease in the price of one seller is usually matched by price decreases of his rivals.
_______ 10. The marginal revenue curve is truncated.
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