EQ 11 2010 solution

EQ 11 2010 solution - (d) farm machinery manufacturers...

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Click to edit Master subtitle style EQ #11 – AGEC 105 – November 1, 2010 This EQ is worth 3 points. 1. Select the correct answers for conditions of oligopoly: (1/2pt) (a) number of sellers i. many ii. few iii. one (1/2pt) (b) Product differentiation i. yes ii. no (1/2pt) 2. Which of the following illustrates an oligopoly? (you may select more than one) (a) retail food industry (b) airline industry (c) utility (electric) company
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Unformatted text preview: (d) farm machinery manufacturers (1/2pt) 3. TRUE or FALSE. The fact that oligopolists match all price decreases but not all price increases leads to a kinked demand curve. (1/2pt) 4. The social costs of monopolies are known as deadweight loss. (1/2pt) 5. TRUE or FALSE . Under conditions of monopoly relative to perfect competition, prices will be higher but quantities produced will be greater....
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This document was uploaded on 12/13/2010.

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