CORRECT RESPONSE IS IN BOLD. 1) Fill in the blank: A ________ is a group of firms or entities acting in unison to set the market price or quantity for a product. a. Monopoly b. Oligopoly c. Cartel d. Mafia 2) Fill in the blank: Oligopolies would like to earn _____________ , but that is often impossible because of ____________________ . a. Competitive profits; too many firms in market b. Competitive profits; cartel cheating c. Monopoly profits; there’s no such thing as a monopoly d. Monopoly profits; antitrust regulations 3) Which of the following is true about network goods? a. They are goods that are usually sold by large firms with a great deal of market power b. They are goods that tend to have a large number of users or consumers
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This note was uploaded on 07/01/2011 for the course ECO 304K taught by Professor Hickenbottom during the Fall '10 term at University of Texas.