In contestable markets large oligopolistic firms end up behaving like ? A. monopolistically competitive firms B. a cartel C. perfectly competitive firms D. a monopoly.

The kinked demand curve model of oligopoly assumes the elasticity of demand ? A. in response to a price increase is less elastic than the elasticity of demand in response to a price decrease B. is perfectly elastic if price…

In which of the following circumstances would a cartel be most likely to work ? A. The market for copper, where there are very few producers and the product is standardized. B. The fast-food market where there are a large…

A price- and quantity-fixing agreement is known as? A. price leadership B. price concentrationC. collusion D. game theory,

An industry that has a relatively small number of firms that dominate the market is called ? A. a colluding industry B. a merged industryC. a concentrated industry D. a natural monopoly

A form of industry structure characterized by a few firms, each large enough to influence market price is ? A. perfect competition B. monopolistic competitionC. oligopoly D. monopoly

A firm in a monopolistically competitive industry ? A. sells a fixed amount of output regardless of price. B. must raise price to sell more output C. can sell an infinite amount of output at the market-determined priceD. must lower…

In monopolistic competition firms achieve some degree of market power ? A. by producing differentiated products B. because of barriers to exit from the industry C. by virtue of size alone D. because of barriers to entry into the industry

In contestable markets, large oligopolistic firms, end up behaving like ? A. perfectly competitive firms B. a cartel C. a monopolyD. monopolistically competitive firms.

Form society’s point of view, society would be better off if a monopolist ? A. produced less and charged a higher price B. produced more and charged a higher priceC. produced more and charged a lower price D. produced less…