Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 14, Problem 1.3P
To determine
Classify contestable markets.
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What are the characteristics of an oligopoly? Choose all that apply.
A. One particular product or service has no substitute.
B. A few large sellers exist.
C. Only one seller exists.
D. Products and services tend to be identical or similar.
Write a sentence or two defining the following terms in your own words. Give examples of each.
a. Oligopoly
b. Induced
c. Inelastic Demand
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Chapter 14 Solutions
Principles of Economics (12th Edition)
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- is an organization created a formal agreement between a group of producers of a good or service, to regulate supply in an effect to regulate or manipulate prices. Select one: a. Oligopoly. b. Cartel. c. Perfect competition. d. Monopoly.arrow_forwardAn oligopoly takes into account the decisions made by other companies before lowering its price.. true or falsearrow_forwardWhich market structure shown below would be expected to maximize consumer surplus? A. Monopoly B. Oligopoly C. Perfectly Competitivearrow_forward
- 1. How might advertising make markets less competitive? How might it make markets more competitive? 2. Explain two benefits that might arise from the existence of brand names. 3. If the oligopoly members agree on a total quantity to produce, what quantity would they choose? Why? 4. What does the prisoners' dilemma teach us about oligopolies?arrow_forwardPrice competition in an oligopoly leads to a high probability of : a. higher prices b. price collusion c. a government regulated price d. a price war Help!arrow_forwardWhich of the following is the primary reason an oligopoly is not a pure price maker? A. Dominant pricing strategy B. Product differentiation C. Dependent on pricing decisions of competitorsarrow_forward
- Why do oligopolies exist? List five or six oligopolists whose products you own or regularly purchase. What distinguishes oligopoly from monopolistic competition?arrow_forwardWhat is the best example of an oligopolistic market? Question 4 options: Government monopoly on postal services. Foreign exchange market. Restaurant business with thousands of competing companies. Fourteen biggest car manufacturers.arrow_forwardWhich of the following industries is a good example of oligopoly? Answers: A. Athletic shoes B. Restaurant C. Corn D. Hotelarrow_forward
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