ECON 202M - Graded Homework - Chapter 14 - Item Graded...

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Chapter 15 / Exercise 1
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Item: Graded Homework - Chapter 14 Answers: 1. To be called an oligopoly, an industry must have: a horizontal demand curve. a small number of interdependent firms. relatively easy entry and exit. independence in decision making.
Score: 1 of 1 2. If there are two gas stations in a very small town, then the gas station business there is probably best characterized as:
Score: 1 of 1 3. In which of the following situations does overt collusion take place?
Score: 0 of 1 4. Reference: Ref 14-1 (Table: Demand Schedule for Gadgets) Look at the table Demand Schedule for
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Chapter 15 / Exercise 1
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Gadgets. The market for gadgets consists of two producers, Margaret and Ray. Each firm can produce gadgets with no marginal cost or fixed cost. Suppose that these two producers have formed a cartel, agreed to split production of output evenly and are maximizing total industry profits. If Margaret decides to cheat on the agreement and sell 100 more gadgets, the market price of gadgets will be:

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