Q1 Which of the following characterize oligopoly markets? a. Non price competition b. Perfect information C. Only a few firms competing. d. Identical products A and c B and d A, b, and d B, C, and d Q4 i. ii. iii. iv. 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 50g to pig's el sile Q3 In an oligopoly Tylogono Sviogooom to a. The largest four firms are likely to have a small market share. b. 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 may collude or compete depending on their about their competitors. C. d. For firms in monopolistic.competition excess profits can be earned in the short run bocouco ED

Q1 Which of the following characterize oligopoly markets? a. Non price competition b. Perfect information C. Only a few firms competing. d. Identical products A and c B and d A, b, and d B, C, and d Q4 i. ii. iii. iv. 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 50g to pig's el sile Q3 In an oligopoly Tylogono Sviogooom to a. The largest four firms are likely to have a small market share. b. 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 may collude or compete depending on their about their competitors. C. d. For firms in monopolistic.competition excess profits can be earned in the short run bocouco ED

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Q1
Which of the following characterize oligopoly markets?
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monopolistic competition and oligopoly.
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a. Non price competition
b.
Perfect information
c. Only a few firms competing.
d.
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ii.
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iv.
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Q3
In an oligopoly
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b.
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Firms in monopolistic competition can achieve product differentiation by
a.
Exploiting economies of scale in production
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c.
Expanding plant size
d. Setting the price equal to average revenue
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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 may collude or compete depending on their about their competitors.
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A
Q4
For firms in monopolistic competition, excess profits can be earned in the short run because:
a.
Al firms are producing identical products.
b.
There is only few firms in the industry.
C.
There are no significant barriers to entry into the industry.
d. Imperfect knowledge ensures that customers and suppliers can't monitor all prices. si HA
Q5
In an oligopoly market, cartels can form because:
a.
The small number of firms ensures that price competition often leads to losses for all firms.
b. Oligopoly is characterized by no product differentiation.
c.
There are no effective barriers to entry or exit for firms.
d.
In oligopoly each firm has a kinked demand curve.

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