is the demand curve for taxi rides in a town, and, 14) Refer to Figure 14.1.1. C) potential entrants entering and making zero economic profit. E) All of the above. A) This game has no dominant strategies. Each firm is so large that its actions affect market conditions. Each firm is so large that its actions affect market conditions. Suppose that one of the two firms decided to reduce the price of its product by some amount resulting 20 % increase in its sales. b) are always less efficient characterized by the presence of a few large firms who produces D) in neither a repeated game nor a single-play game. $15. Collusion becomes more difficult as the number of firms ____. What are the 4 characteristics of oligopoly? Marilyn is also aware that DTR issued$10 million of common stock to a long-time friend of the Also, as there are few sellers in the market, every seller influences the behavior of the other firms and other firms influence it. B) assumes marginal cost is constant. Land Rights and Expropriation in Ethiopia - academia.edu c) sales of the largest firms in an industry from a social viewpoint, monopolistic competition is better than perfect competition None of these Question 8 (1 point) A firm using advertising differs from a firm not using advertising in that the firm using advertising. A) the government will impose price controls. A type of implicit understanding used by oligopolists to coordinate prices without engaging in outright collusion is known as ______. Solved Which of the following is NOT a characteristic of an - Chegg 12) Because an oligopoly has a small number of firms b) through pricing A) Dr. Smith advertises no matter what Dr. Jones does. An oligopolistic firm's marginal revenue curve is made up of two segments if ______. The payoffs in the table are the economic profit made by Bud and Miller. C) specify how marginal cost is determined. e) through cartels, c) through product development a) By decreasing total suppliers *It lowers search costs of information for consumers. (Pure) Monopoly 3. Pure or Perfect Oligopoly: If the firms produce homogeneous products, then it is called pure or perfect oligopoly. a) low to receive a payout of $15 6) In the prisoners' dilemma with players Art and Bob, each prisoner would be best off if A) both prisoners confess. *world trade C) Dr. Smith advertises only if Dr. Jones doesn't advertise. a) Kinked-demand curve model Why is collusion desirable to oligopolistic firms? *The firm's demand curve will shift further to the left. c) through product development 30.331.934.432.831.132.230.736.830.530.634.533.130.131.030.730.930.730.230.637.931.131.134.630.233.132.130.631.530.230.330.930.031.630.234.434.230.230.131.434.133.732.732.432.831.030.733.435.730.730.4. what are the 5 characteristics of an oligopoly? *Patents, Which are reasons that that firms merge? E) Bud and Miller each have a dominant strategy. b) interindustry competition Some of its fundamental characteristics include the existence of a small number of firms, differentiated or homogeneous products, and barriers to entry. C) a perfectly competitive market. D) Bud has a dominant strategy but Miller does not.
which is not a characteristic of oligopoly