L> revolig William Rainey Harper College ECO 211 Rewatch Lesboy 11b - Oligopoly 1. In an oligopolistic market: A. one firm is constantly dominant. B. commodities may be standardized or differentiated. C. the four biggest firms account for 20 percent or less of total sales. D. the sector is monopolistically competitive. 2. Clear-reduced mutual interdependence through respect to the price-output policies exists in: A. pure monopoly B. oligopoly C. monopolistic competition D. pure competition 3. Assume six firms consisting of an sector have actually industry shares of 30, 30, 10, 10, 10, and 10 percent. The Herfindahl Index for this industry: A. is 2,525. B. is 1,600. C. is 2,200. D. is 80. E. cannot be figured out from the information offered. 4. R-1 F26063 The above diagram portrays: A. pure competition. B. monopolistic competition. C. noncollusive oligopoly. D. pure monopoly. E. collusive oligopoly. 5. R-1 F26063 Refer to the above diagram. Equilibrium output is: A. j. B. h. C. g. D. f . 6. R-1 F26063 Refer to the over diagram. Equilibrium price is: A. e. B. d. C. c. D. b. E. a. 7. R-1 F26063 Refer to the over diagram. This firm"s demand and marginal revenue curves are based upon the assumption that: A. the firm has actually no instant rivals. B. rivals will match both a price increase and also a price decrease. C. rivals will certainly enhance a price rise, however overlook a price decrease. D. rivals will certainly disregard a price increase, but enhance a price decrease. 8. R-1 F26063 Refer to the above diagram. In equilibrium the firm: A. is realizing an economic profit of ad per unit. B. need to close down in the brief run. C. is realizing a loss. D. is realizing an financial profit of bd per unit. 9. In the USA cartels are: A. rather common in sectors which develop nondurable items. B. in violation of the antitrust laws. C. concentrated in monopolistically competitive sectors. D. urged by government plan so that firms have the right to realize economies of scale. 10. If the numerous oligopolistic firms which make up an industry behave actually collusively, the resulting price and also output will certainly most most likely resemble those of: A. bilateral monopoly. B. pure monopoly. C. monopolistic competition. D. pure competition. 11. Advertising have the right to enhance economic effectiveness when it: A. increases brand also loyalty. B. expands sales such that firms achieve substantial economic climates of range. C. keeps brand-new firms from entering profitable markets. D. is undertaken by pure rivals. 12. The conclusion that oligopoly is ineffective loved one to the competitive appropriate need to be qualified because: A. market price leaders regularly select a price equal to marginal price. B. over time oligopolistic industries may promote more fast product advancement and also better advancement of production techniques than if they were pudepend competitive. C. enhanced output as a result of persuasive proclaiming might perfectly counter the restriction of output led to by monopoly power. D. many type of oligopolists offer their assets in monopolistically competitive or even pucount competitive sectors. This is the finish of the test.

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