Which of the following is an assumption of the theory of oligopoly? O Firms produce and sell either homogeneous or differentiated products. O There are no barriers to entry. O a and c There are many sellers and many buyers.
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- What is an example of a firm that operates in an oligopoly? The firms that produce operate in oligopoly. O A. strawberries O B. electric power distribution OC. breakfast cereal O D. running shoes O E. pizzaThe graph shows the demand curve for cars in 2017. Suppose that the least-possible cost of producing a car is $10,000 and that the efficient scale is 10,000 cars a month. Draw the average total cost curve for a car manufacturer in 2017. Label it. The graph shows that the market for cars is a natural oligopoly with O A. 1 firm OB. 2 firms OC. 3 firms OD. 4 firms 50,000- 40,000- 30,000- 20,000- 10,000- 0- Price (dollars per car) 0 D 30 Quantity (thousands of cars per month) >>> Draw only the objects specified in the question. 50 Qwhich of the following statements about industries that are oligopolies is false? Select one a. An oligopoly with two firms is calleda duopaly, b. Firms in these industries may attempt to cooperate. C The fact that there is more than one firm in an oligopoly means that there are no barrien to entry d. Firms in these industries are interdependent
- If market X was deemed to be an oligopoly, then what must be true? O The price is between the monopoly price and the competitive price. O The price is set at the market equilibrium. Price is set equal to marginal cost. Price equals ATC in long run equilibrium.Explain what is Oligopoly and duopoly? Are firms in Oligopoly large firms or small firms? What is product differentiation, price discrimination and profit maximization under Oligopoly? Give two examples each of product differentiation and price discrimination. What is the optimum point of production and minimum cost point of a firm under Oligopoly? Explain and draw AR and MR curves as (a) kinked demand curve; (b) Collusion (cartels) and (c) Price leadership model.Question 31 Which of the following statements about oligopoly is not correct? O A. there is no single model of oligopoly firm behavior OB. a few firms play an important role in the sale of an identical or differentiated product OC. oligopoly firms are mutually interdependent OD. all oligopolies have differentiated products
- Think about firms such as the Coca Cola Company and PepsiCo who competeagainst each other in the monopolistically competitive market for soft drinks. Eachfirm produces a unique product, but each of these unique products is to some extenta substitute for the soft drinks produced by rival companies.Now imagine a situation where the firms within such a market are facing suchextreme competition that they are unable to make an operating profit. Characterisethis situation diagrammatically and explain what will happen to the market, payingparticular attention to the exit or entry of firms out of (or into) the market.mether to produce a low output or a high output. nese output strategies with corresponding profits are depicted in the ayoff matrix to the right. Kuwait's profits are in red and Saudi Arabia's are in blue. Suppose the two countries form a cartel. What is the cooperative equilibrium? Kuwait O A. The cooperative equilibrium is for Saudi Arabia to produce a high output and Kuwait to produce a high output. Low Output High Output O B. A cooperative equilibrium does not exist for this game. $125 $75 Low Output O C. The cooperative equilibrium is for Saudi Arabia to produce a low output and Kuwait to produce a high output. $8 $13 Saudi Arabia O D. The cooperative equilibrium is for Saudi Arabia to produce a high output and Kuwait to produce a low output. $98 $70 E. The cooperative equilibrium is for Saudi Arabia to broduce a low output and Kuwait to produce a low output. High Output What is the Nash equilibrium for this game? O A. The Nash equilibrium is for Saudi Arabia to produce a high…Which of the following is a characteristic of oligopoly? O A single firm selling a unique product. O Many buyers and sellers. No barriers to entry. O Mutual interdependence of firms.
- There is much evidence that large firms with considerable market power (firms such asmonopolies) may not maximize profits but may pursue quite different objectives such asgrowth or sales revenue maximization. What are the arguments put forward to defendmonopoly? Name any 5 Generally, the aim of a business is to maximize profit. Which point should a firm operateat in order to achieve maximum profit? By making use of a graph indicate clearly the pointat which a firm makes maximum profit and a point where a firm increase their output inorder to enhance profit as well as well as the points where they should reduce theirproduction if they want to enhance profitAll of the following statements, except one, are correct concerning the cartel variant of oligopoly theory. Which is the exception? O a O b Oc d O e An effective cartel restricts the supply of the product being sold. The individual members of the cartel must agree to and respect quotas on their output. The primary threat to the success of a cartel is government regulation. The output and the price of the cartel is often similar to that of a monopoly. The government is a part of the cartel.Which one the following statements is correct? A. In a subgame perfect Nash equilibrium of the infinitely repeated Bertrand duopoly game, the outcome is either the Bertrand paradox or like a monopoly. B. The Bertrand Paradox outcome cannot be supported by a subgame perfect Nash equilibrium of the infinitely repeated Bertrand duopoly game. C. The Bertrand Paradox outcome can be supported by a subgame perfect Nash equilibrium of the infinitely repeated Bertrand duopoly game. D. None of the other three statements is correct.
