Exam 13: Between Competition and Monopoly

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In the cigarette industry either R.J.Reynolds or Phillip Morris, for a time, raised prices twice a year by about 50 cents per carton.The other firms in the industry raised their prices by the same amount.Economists call this

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If a game is a prisoners' dilemma, neither player has dominant strategy.

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To understand most of today's economic activity in the U.S.economy, we should look at which of the following models?

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Price leadership is a form of

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All four market forms discussed in the text maximize profit where

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In the long run, a monopolistically competitive industry is characterized by all of the following, except

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What quantity of output and price do they try to set, when a group of oligopoly firms form a cartel? Will there be any changes in the price and quantity supplied if the cartel gets broken down?

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The contestable market theory best applies to

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The analysis of oligopolistic behavior is difficult because

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An oligopoly is a market structure in which a few large firms dominate the sale of a single product.

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Everything else equal, the more rivals a firm has, the

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When an airline reduces its fares, other airlines typically match the action.But when an airline increases its fare, other airlines do not follow suit.Which oligopoly model cartel, price leadership, or kinked demand best fits the airline industry as described? Justify your choice and explain why the other models are less appropriate.

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Unlike a perfectly competitive firm, a monopolistically competitive firm

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If the smartphone market has only two firms, this market would be a

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If a market is contestable, then

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The theory of the kinked demand curve is that

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Monopolistically competitive firms can earn large profits in the long run.

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Displayed below is the payoff matrix of firm A for four different strategies, A1, A2, A3, and A4, and the potential retaliatory responses of firm B (B1, B2, B3, B4). Table 12-1 Displayed below is the payoff matrix of firm A for four different strategies, A1, A2, A3, and A4, and the potential retaliatory responses of firm B (B1, B2, B3, B4). Table 12-1   If firm A uses the maximin criterion, which strategy will it choose? ​ If firm A uses the maximin criterion, which strategy will it choose? ​

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____ is one in which exactly the amount one competitor gains must be lost by other competitors.

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In what way is monopolistic competition more like competition, and in what way is it more like monopoly?

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