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Quiz 2 1) Oligopoly is a market: A) with one firm and many different products. B) with many firms and a homogeneous product. C) with a few firms and...

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Quiz 2 1) Oligopoly is a market: A) with one firm and many different products. B) with many firms and a homogeneous product. C) with a few firms and the actions of one firm have a large impact on the others. D) with a few firms and the actions of one firm have a small impact on the others. Table 12 .1 2) Refer to Table 12.1. The four-firm concentration ratio of the cigarette industry is equal to: A) 48%. B) 54%. C) 71%. D) 81%. 3) Refer to Table 12.1. If Firms L and M were to merge, the four-firm concentration ratio would: A) rise to 71%. B) fall to 82%. C) fall to 40%. D) rise to 82%. 4) If the five-firm concentration ratio in an oligopolistic industry is 100 percent and each firm has an equal share of the market, the Herfindahl-Hirschman Index is: A) 10,000. B) 2,000. C) 2,500. D) 400. 5) The kinked demand curve is relatively ________ for prices higher than the current price, and is relatively ________ for prices lower than the current price. A) steep; steep B) flat; steep C) steep; flat D) flat; flat 6) Natural monopoly is characterized by:
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A) decreasing average total cost because there is only one firm. B) decreasing average total cost because a unique product is being produced. C) decreasing average total cost because there are economies of scale. D) increasing average total cost because there are barriers to entry. 7) Refer to Figure 13.1. The type of firm pictured is a: A) patent monopoly. B) natural monopoly. C) strategic resource monopoly. D) government franchise monopoly. 8) Refer to Figure 13.1. If the cable company depicted was free to sell to any number of subscribers it desires and set any price, it would sell to ________ subscribers at a price of ________. A) 800; $15 B) 1,000; $16 C) 2,200 $13 D) 2,500; $12 9) A central issue in the government's lawsuit against Microsoft involved the integration of Microsoft's internet browser into its operating system, thus requiring consumers to purchase both of them together rather than separately. This practice is known as: A) predatory pricing. B) price fixing. C) collusion. D) tie-in sales. 10) Which of the following laws prohibits predatory pricing? A) the Sherman Act B) the Robinson-Patman Act C) the Clayton Act
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