Exam 24: Monopolistic Competition Oligopoly and Game Theory

Exhibit 24-9 ​ ​ ​ -Refer to Exhibit 24-9. The number of sellers in a perfectly competitive market is ___________ [blank (A)], the number of sellers in a monopolistic competitive market is ____________ [blank (B)], and the number of sellers in an oligopoly is _________ [blank (C)].

In the prisoner's dilemma, both prisoners end up __________, which turns out to be __________ confessed.

____________________ constitute(s) perhaps the most significant barrier to entry into an oligopolistic market.

Exhibit 24-6 -Refer to Exhibit 24-6. In the exhibit,

Which of the following assumptions applies to both perfect competition and monopolistic competition?

The eight-firm concentration ratio for an industry is 0.65. If the top four firms in the industry account for $40 million in sales, what do total sales equal?

Exhibit 24-8 -Refer to Exhibit 24-8. Assuming that total fixed costs are $80, the average variable cost of producing 2 units of output is

Unlike a monopoly, a monopolistic competitive firm in long run equilibrium is likely to produce a level of output at which

What is a cartel? Describe some of the problems inherent in forming and maintaining a cartel.

A monopolistic competitive firm differentiates its product (from similar products) in the minds of the buying public. As a result, the firm

The demand curve facing a monopolistic competitor will be more elastic than the demand curve facing a monopolist because

Because of one assumption in the theory of monopolistic competition, the excess capacity theorem exists. What is the assumption?