Firms in an oligopoly
A) act independently.
B) engage in strategic behavior.
C) have perfect knowledge of the behavior of others.
D) openly collude.
Correct Answer:
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Q30: When a firm is a price maker
A)price
Q31: One of the characteristics of an oligopoly
Q32: Examples of strategic behavior include
A)kinked demand and
Q33: In a monopoly,
A)marginal revenue is greater than
Q34: Monopolies exist due to
A)patents.
B)government franchises.
C)cost factors.
D)all of
Q36: For a competitive firm
A)price is equal to
Q37: In a monopoly, producer surplus is
A)larger than
Q38: Firms maximize profits when marginal revenue equals
Q39: Monopolies have _ substitutes.
A)many
B)few
C)no
D)several but less than
Q40: The kinked demand curve is based on
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