32 Answer True False Diff 1 Page Ref 460460 Topic Characteristics of Oligopoly

32 answer true false diff 1 page ref 460460 topic

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32)Answer:TrueFalseDiff: 1Page Ref: 460/460Topic: Characteristics of OligopolyLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking8
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33) An entry barrier exists when firms in an industry charge the lowest price possible for theirproducts.33)Answer:TrueFalseDiff: 1Page Ref: 461/461Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking34) If economies of scale are significant, the typical firm will not reach the minimum point on itslong-run average cost curve until it has produced a large fraction of industry sales.34)Answer:TrueFalseDiff: 2Page Ref: 461/461Topic: Economies of ScaleLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking35) Occupational licensing is an example of an entry barrier that improves a countryʹs standard ofliving.35)Answer:TrueFalseDiff: 1Page Ref: 462/462Topic: Government-Imposed BarriersLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB: Reflective Thinking36) The barrier to entry that allowed Alcoa to make persistent economic profits was ownership of anessential input.36)Answer:TrueFalseDiff: 1Page Ref: 462/462Topic: Barriers to EntryLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policies inoligopoliesAACSB:SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 37) What is an oligopoly? Give two examples of oligopolistic industries in the United States.37) Answer: Oligopoly is a market structure in which a small number of interdependent firmscompete. Examples include cigarettes, beer, the airline industry, computermanufacturers, and the aluminum can industry.Diff: 1Page Ref: 460/460Topic: Characteristics of OligopolyLearning Outcome: Micro 16: Discuss the functions of cooperation, competition, and public policiesin oligopoliesAACSB: Reflective Thinking9
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38) How does the demand curve for an oligopoly firm differ from the demand curves for firms in competitive market structures?
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