Micro-Economics Ch 15 Questions

Micro-Economics Ch 15 Questions - Name: _ Date: _ 1. In an...

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Page 1 Name: __________________________ Date: _____________ 1. In an oligopoly: A) there are many sellers. B) there are no barriers to entry. C) firms recognize their interdependence. D) total surplus is maximized. 2. Oligopoly is a market structure that is characterized by a: A) small number of interdependent firms producing identical or differentiated products. B) small number of independent firms producing identical or differentiated products. C) large number of relatively small independent firms producing differentiated products. D) large number of relatively small independent firms producing identical products. 3. Oligopoly is a market structure characterized by: A) independence in decision making. B) uncertainty about the behavior of rival firms. C) substantial diseconomies of scale. D) a large number of small firms. 4. In oligopoly, a firm must realize that: A) what it does has no effect on the other firms in the industry. B) it must pursue policies while always remembering those policies will be ignored by other firms in the industry. C) it is in an industry in which another major firm may dominate, and the firm will need to judge its actions accordingly. D) collusion was made legal in 2004. 5. Which of the following scenarios best describes an oligopolistic industry? A) A single cable company serves customers in a small town. B) Thousands of soybean farmers sell their output in a global commodities market. C) Coca-Cola and Pepsi sell most of the soft drinks consumed around the world. D) A college has one bookstore selling textbooks to students.
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This note was uploaded on 12/02/2011 for the course ECONOMICS 202 taught by Professor Black during the Fall '08 term at Boise State.

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Micro-Economics Ch 15 Questions - Name: _ Date: _ 1. In an...

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