Question 31 Which of the following statements about oligopoly is not correct? OA. there is no single model of oligopoly firm behavior OB. a few firms play an important role in the sale of an identical or differentiated product OC. oligopoly firms are mutually interdependent O D. all oligopolies have differentiated products

Question 31 Which of the following statements about oligopoly is not correct? OA. there is no single model of oligopoly firm behavior OB. a few firms play an important role in the sale of an identical or differentiated product OC. oligopoly firms are mutually interdependent O D. all oligopolies have differentiated products

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6 Company X, Company Y, and Company Z have formed an oligopoly. Company X raises its prices, but Company Y and Company Z do not. Which of the following will likely occur? A Company Y and Company Z will form a duopoly. BO The sales of Company X will decline slightly. CO The sales of Company X will decline sharply. DO Company X will have significant, sustained profit increases.
24 If oligopolies compete hard against each other, which of the following will likely occur? A They will start acting like imperfect competitors. They will start acting like monopolistic competitors. The costs for all will be driven up. DO They will all experience zero profits.
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OWhich of the following is NOT a characteristic of oligopoly?A. Few large firms dominate the marketB. High barriers to entryC. Homogeneous productsD. Interdependence among firms
Cost (5) Please move point A to the minimum long-run average cost for a firm in an oligopoly and point B to the minimum long-run average cost for a firm in a purely competitive industry. LRAC LRAC исх A B Demand Why is the minimum long-run average cost important in determining an oligopoly? It occurs at a small fraction of industry demand. It is at the lowest possible cost among all firms. It occurs at a large fraction of industry demand. Firms cooperate with each other to achieve that low cost. Quantity
In 2018, Delta Air Lines said that it was increasing its fares by 4% because its fuel bill jumped by 33% from the previous yoar. Other airines also announced fare increases. Assuming that these firms are oligopolistic and the outcome is a Nash-Coumot equilibrium, why did the prices rise less than in proportion to the firms' cost? Price rose less than the firms' costs in this oligopoly because O A. demand is not perfectly inelastic. O B. consumers are not price sensitive. OC. the firms are price takers. D. air travel has no close substitutes.
please answer both of the pictures and also please label which one is which. thank youuuu
An oligopolistic market structure is distinguished by several characteristics, one of which is market control by a few large firms. What are some other characteristics of this market structure? Check all that apply. O No entry O Mutual interdependence O Difficult entry O Neither mutual interdependence nor mutual dependence O Either homogeneous or differentiated products
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.
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