Which of the following may characterize an oligopoly?

In Microeconoics can answer those Q please? 1. Which of the following may characterize an oligopoly? Show more In Microeconoics can answer those Q please? 1. Which of the following may characterize an oligopoly? a. A few firms in a particular industry. b. Low barriers to entry. c. Little market power exercised by a firm. d. All of the above. e. Gravy. 2. Product differentiation is: a. Charging different prices to different customers for the same product. b. Gravy. c. Commonly practiced in perfect competition and monopoly markets. d. Commonly practiced in monopolistically competitive and oligopolistic markets. e. None of the above. 3. Collusion is undesirable and illegal because: a. Government intervention leads to inefficient outcomes. b. Gravy. c. It leads to greater production than would occur in a competitive market. d. It is unprofitable and the government must bail out firms that are bankrupted by collusion. e. Resources are misallocated and sub-optimal outputs are produced. 4. Game theory is commonly used to explain behavior in oligopolies because oligopolies are characterized by: a. large profits in the long run b. either homogeneous or heterogeneous products c. interdependence d. gravy e. imperfect competition 5. In the classic prisoners dilemma with two accomplices in crime the Nash equilibrium is for: a. both individuals to not confess b. both individuals to confess c. one to confess and the other not to confess his love for gravy with giblets d. the Nash equilibrium is not applicable in this case 6. The kinked demand curve model assumes that: a. rivals will follow a price increase but not a price decrease b. gizzard gravy is groovy c. rivals will follow a price decrease but not a price increase d. the firm with the kinked demand curve will always behave non-cooperatively e. the firm with the kinked demand curve will always adopt a tit-for-tat strategy 7. T or F: Cartels are illegal in the United States. 8. T or F: Oligopolistic firms often choose not to compete on price. 9. Which of the following is most likely to be observed when firms engage mainly in non-price competition? a. actively encouraging the sale of generic as opposed to brand name products b. advertising and product differentiation c. discounts offered through coupons d. low interest rates for financing the purchase of big ticket items such as an oil tanker full of gravy 10. Suppose at the current amount of pollution the marginal social benefit of pollution is greater than the marginal social cost of pollution then: a. there is too little pollution b. there is too much pollution c. society is achieving the optimal amount of gravy pollution d. none of the above 11. Which of the following is an example of a non-excludable good? a. police protection b. national defense c. coast guard services d. all of the above 12. Which of the following goods best fit the characteristics of a private good? a. a professor giving a lecture in a large classroom b. an ice cream cone or a bottle of store bought gravy c. fire protection d. disease prevention 13. A(n) _____ is excludable and rival in consumption. a. private good b. artificially scarce good c. public good d. common resource 14. When Joe watched a television movie about the origin and history of gravy his viewing was _____ in consumption because other people _____ able to view the movie at the same time Joe did. a. non-rival; were b. rival; were c. rival; were not d. non-rival; were not 15. A good is most likely to be artificially scarce if: a. it is non-excludable and non-rival b. the seller is a monopolist c. it is non-excludable but rival d. it is excludable but non-rival 16. Which of the following goods is most likely a common resource? a. the Internet b. a public park c. a pair of pants d. a bowl of gizzard gravy 17. The main problem with common resources is: a. over-consumption and depletion b. excess supply c. deadweight loss d. no productive efficiency 18. The dude on campus who sets up internships and will help me plan my career is: a. Abu Bakr al-Baghdadi b. Jim McEwen c. Toby Keith d. Billy Ray Cyrus 19. T or F: The most important thing Ive learned in class this semester is to stay in frickin school and have a frickin plan for life and my career. 20. When comparing the characteristics of common resources and artificially scarce goods we find that: When comparing the characteristics of common resources and artificially scarce goods we find that: A) they are both nonrival in consumption. B) they are both excludable. C) common resources are nonrival in consumption (while artificially scarce goods are not) and artificially scarce goods are nonexcludable (while common resources are not). D) artificially scarce goods are nonrival in consumption (while common resources are not) and common resources are nonexcludable (while artificially scarce goods are not). 21. The problem with common resources is similar to the problem with negative externalities because: The problem with common resources is similar to the problem with negative externalities because: A) both issues deal with natural resources. B) the marginal social benefit from producing another unit exceeds the individuals marginal benefit. C) the marginal social cost from producing another unit exceeds the individuals marginal cost. D) the marginal cost of producing another unit exceeds the individuals marginal benefit. 22. Computer software that you can download from the Internet for a price is an artificially scarce good because it is _____ but _____ in consumption. Computer software that you can download from the Internet for a price is an artificially scarce good because it is _____ but _____ in consumption. Computer software that you can download from the Internet for a price is an artificially scarce good because it is _____ but _____ in consumption. Computer software that you can download from the Internet for a price is an artificially scarce good because it is _____ but _____ in consumption. A) nonexcludable; rival C) nonexcludable; nonrival B) excludable; nonrival D) excludable; rival 23. No individual is willing to pay for providing the efficient level of a public good since the: No individual is willing to pay for providing the efficient level of a public good since the: A) marginal cost of production is zero. B) good will be nonrival and thus underconsumed. C) individuals marginal benefit is less than the marginal social benefit. D) marginal benefit of allowing one more individual to consume the good is zero. 24. The Coase theorem states that in the presence of externalities a market economy will: The Coase theorem states that in the presence of externalities a market economy will: A) always reach an efficient solution. B) never reach an efficient solution. C) reach an efficient solution if transaction costs are sufficiently low. D) reach an efficient solution only in the case of government regulation. 25. An externality is said to be internalized: An externality is said to be internalized: A) when individuals take external costs and benefits into account in their decision making. B) in situations in which the Coase theorem is irrelevant or cannot be applied. C) when individuals successfully petition the government to ban or restrict activities that generate negative externalities. D) when individuals learn to adapt to negative externalities through introspection or internal acceptance of what are viewed as unchangeable facts of life. 26. There are two plants (A and B) in an industry. To reduce pollution the government has imposed environmental standards forcing each plant to cut emissions by 60%. At the emissions standard the marginal social benefit of pollution for Plant A is $500 and the marginal social benefit of pollution for Plant B is $125. The same level of pollution can be achieved at a lower cost by: There are two plants (A and B) in an industry. To reduce pollution the government has imposed environmental standards forcing each plant to cut emissions by 60%. At the emissions standard the marginal social benefit of pollution for Plant A is $500 and the marginal social benefit of pollution for Plant B is $125. The same level of pollution can be achieved at a lower cost by: A) forcing Plant A to reduce emissions and allowing Plant B to increase emissions. B) allowing Plant A to pollute more and Plant B to pollute less. C) forcing both plants to reduce emissions. D) allowing both plants to pollute more. Show less

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