Category: Oligopoly

A. Should produce more units
B. has maximized profits.
C. is in a Nash equilibrium
D. Should produce fewer units
E. should exit the industry.

A. monopoly
B. a competitive market
C. monopolistic competition
D. a collusion solution

A. antimonopoly laws
B. all of these answers
C. anti-collusion laws
D. pro-competition laws
E. antitrust laws

A. There is a kink in the marginal cost curve
B. Demand is price inelastic
C. Demand is price elastic
D. non-price competition is likely

A. Prisoner’s Dilemma
B. Monopoly Cell
C. Jailhouses Sentences
D. Jury Box

A. monopolistically competitive
B. a monopoly
C. an oligopoly
D. competitive

A. all of these answers
B. if additional firms enter of the oligopoly
C. because antitrust laws (also known as competition laws) make collusion illegal
D. because, in the case of oligopoly self-interest is in conflict with cooperation.

A. Firms compete against each other
B. Price wars are common
C. Firms use price to win market share from competitors
D. Firms collude

A. Firms are assumed to act independently
B. Firms are assumed to cooperate with each other
C. Firms collude as part of cartel
D. Firms consider the actions of others before deciding what to do

A. Invest heavily in branding
B. Act independently of other firms
C. Try to differentiate its products
D. Try to be a price maker