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ECON 203 OLIGOPOLY QUIZ SOLUTIONS

ECON 203 OLIGOPOLY QUIZ SOLUTIONS

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OLIGOPOLY QUIZ
 
Choose ALL that apply.
Suppose circumstances have allowed several large firms to have all or most of the sales in an industry. Which of the following may be happening?
oligopoly X
perfect competition
cartel X
 
Choose the BEST answer.
Firms in an oligopoly often:
make decisions based on the behavior or expected behavior of their competitors. X
have no incentive to collude.
face perfectly elastic demand curves.
 
Choose the BEST answer.
Which of the following refers to firms’ ability to make the same pricing decisions without consulting each other?
malfeasance
implicit collusion X
price fixing
Choose the BEST answer.
Which of the practices listed are illegal in the United States?
collusion X
monopoly
oligopoly
 
Choose the BEST answer.
In a prisoner's dilemma, what type of behavior provides the most benefit for each individual?
remain silent
cooperate X
confess
 
Choose the BEST answer.
Sometimes oligopolies in the same industry are very different in size. Suppose we have a duopoly where one firm (Firm A) is large and the other firm (Firm B) is small, as shown in the prisoner's dilemma box: What is Firm B's most likely choice?


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