Among the competitive forces that traditional microeconomic theory analyzes is

Among the competitive forces that traditional

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42) Among the competitive forces that traditional microeconomic theory analyzes is: A) bargaining power of buyers. B) existing firm competition. C) competition from substitute goods or services. D) bargaining power of suppliers. Answer: B Diff: 2 Page Ref: 432 43) Member firms of a cartel like OPEC have incentives to: Diff: 2 Page Ref: 420 44) Economies of scale can lead to an oligopoly market structure because: Diff: 2 Page Ref: 418 45) An oligopolist's business strategy includes all of the below EXCEPT: Diff: 2 Page Ref: 420 46) In an oligopoly market: A) individual firms pay no attention to the behavior of other firms. B) pricing decision of one firm affects all the other firms. C) pricing decision of all other firms has no effect on an individual firm. D) advertising of one firm has no effect on all other firms. Answer: B Diff: 1 Page Ref: 420 47) An example of a firm with little bargaining power with respect to a buyer is:
Diff: 2 Page Ref: 433 48) Oligopolies exist and do not attract new rivals because: Diff: 1 Page Ref: 417

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