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Exam 14: Oligopoly

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Question 61

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The strategy to respond in kind to a competitor is called a tit-for-tat strategy.

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Question 62

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Of the following, ________ is the best example of an oligopolistic industry.

A) retail grocery
B) automobiles production
C) electric power
D) soybean farming

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Question 63

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Refer to the information provided in Figure 14.1 below to answer the question(s) that follow. Figure 14.1 -Refer to Figure 14.1. Firms form a cartel that maximizes profits. The profits are

Which of the following is not an assumption of the Cournot model presented in the text?

Evidence shows that firms in more highly concentrated industries spend more on R&D than firms in less concentrated industries.

Refer to the information provided in Table 14.5 below to answer the question that follows. Table 14.5 B's Strategy -Refer to Table 14.5. If both firms follow a maximin strategy, the equilibrium in the game is ________.

All models of oligopoly involve pricing above marginal cost and output levels above the competitive level.

Refer to the information provided in Table 14.5 below to answer the question that follows. Table 14.5 B's Strategy -Refer to Table 14.5. Firm Aʹs dominant strategy is

Refer to the information provided in Figure 14.1 below to answer the question(s) that follow. Figure 14.1 -Refer to Figure 14.1. Six firms that produce chewing gum form a cartel. The cartel faces the market demand curve given by D. To maximize profits, the cartel should produce ________ packs of chewing gum and the price should be ________.

Products produced in oligopoly markets are always differentiated.

The Five Forces Model determines whether an industry is an oligopoly.

A form of industry structure characterized by a few firms each large enough to influence market price is

Refer to the information provided in Table 14.6 below to answer the question that follows. Table 14.6 B's Strategy -Refer to Table 14.6. Firm Aʹs dominant strategy is

The government uses the four firm concentration ratio as a guideline to determine which proposed mergers are acceptable.

The oligopolistic model in which firms produce exactly the same results as would exist if a monopolist controlled the entire industry is called the ________ model.

The four largest firms account for approximately 95% of U.S. cigarette sales. The U.S. cigarette industry would be best classified as a(n)

A price-and-quantity-fixing agreement is known as

Which of the following is an assumption of the Cournot model?

Related to the Economics in Practice on page 290: The smart phone industry is best characterized as

The ________ is the share of industry output in sales or employment accounted for by the top firms in an industry.