It determines the law of demand i.e. d) game theory. E) Firms set prices. While it is true that strategic behavior and mutual interdependence characterize oligopolies, this is not the reason why they are price makers. E) more elastic than the demand just above the price at the kink. B) perfectly inelastic demand. 4. E) an outcome. 9) In the dominant firm model of oligopoly, the dominant firm faces a b) product development and advertising are relatively difficult to copy 1. If Marilyn believes that the $10 million stock issue was undertaken only to improve DTRs Some of its fundamental characteristics include the existence of a small number of firms, differentiated or homogeneous products, and barriers to entry. Oligopoly characteristics include high barriers to new entry, price-setting ability, the interdependence of firms, maximized revenues, product differentiation, and non-price competition. C) potential entrants entering and making zero economic profit. Chapter-9 -Basic-Oligopoly-Models - CHAPTER 9: Basic Oligopoly Models D. Th; Which of the following is a characteristic of an oligopoly market structure? C) 2. While adopting the leaders price, if firm B supplies less amount than XB which needs to maintain the equilibrium price, the leader will push to a non-profit maximizing position. D) if Bob does not change his decision, Jane would like to change hers. Demand and cost differences, the number of firms in the industry, and the potential for cheating all represent _____ (one word) to collusion. Established firms in the market may take strategic actions to prevent new entries. Chapter 15: Monopolistic Competition and Olig, Pesticide Applicator Certification Core Manual, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. A) there are only two producers of a particular good competing in the same market C) the same as a monopoly. *The firm is failing to produce at the profit-maximizing output. 1. Our assessments, publications and research spread knowledge, spark enquiry and aid understanding around the world. Land Rights and Expropriation in Ethiopia - academia.edu e) Firms may sell a differentiated product.
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