Use the following to answer questions : $$\begin{array}{l}
\text { Table: Demand for Crude Oil }\
\begin{array} { c c c }
\text { Quantity } & \begin{array} { c }
\text { Price } \
\text { (\$/barrel) }
\end{array} & \begin{array} { c }
\text { Total } \
\text { Revenue (\$) }
\end{array} \
\hline 0 & \$ 160 & \$ 0 \
10 & 150 & 1500 \
20 & 140 & 2800 \
30 & 130 & 3900 \
40 & 120 & 4800 \
50 & 110 & 5500 \
60 & 100 & 6000 \
70 & 90 & 6300 \
80 & 80 & 6400 \
90 & 70 & 6300 \
100 & 60 & 6000 \
110 & 50 & 5500 \
120 & 40 & 4800 \
130 & 30 & 3900 \
140 & 20 & 2800 \
150 & 10 & 1500 \
160 & 0 & 0
\end{array}
\end{array}$$
-Game theory is commonly used to explain behaviour in oligopolies because oligopolies are characterized by:
A) large profits in the long run.
B) either homogeneous or heterogeneous products.
C) interdependence.
D) imperfect competition.

Question

Use the following to answer questions : $$\begin{array}{l}
\text { Table: Demand for Crude Oil }\
\begin{array} { c c c } 
\text { Quantity } & \begin{array} { c } 
\text { Price } \
\text { (\$/barrel) }
\end{array} & \begin{array} { c } 
\text { Total } \
\text { Revenue (\$) }
\end{array} \
\hline 0 & \$ 160 & \$ 0 \
10 & 150 & 1500 \
20 & 140 & 2800 \
30 & 130 & 3900 \
40 & 120 & 4800 \
50 & 110 & 5500 \
60 & 100 & 6000 \
70 & 90 & 6300 \
80 & 80 & 6400 \
90 & 70 & 6300 \
100 & 60 & 6000 \
110 & 50 & 5500 \
120 & 40 & 4800 \
130 & 30 & 3900 \
140 & 20 & 2800 \
150 & 10 & 1500 \
160 & 0 & 0
\end{array}
\end{array}$$
-Game theory is commonly used to explain behaviour in oligopolies because oligopolies are characterized by:
A) large profits in the long run.
B) either homogeneous or heterogeneous products.
C) interdependence.
D) imperfect competition.

Quizplus · Accepted Answer

Interdependence is a key characteristic of oligopolies, as each firm's decisions affect the decisions and profits of other firms in the industry.

Use the Following to Answer Questions -Game Theory Is Commonly Used to Explain Behaviour in Oligopolies