A differentiating feature of one oligopolistic sector is the tension between a. Benefit maximization and also cost minimization. B. Creating a small amount the output and also charging a price above marginal cost. C. Cooperation and self interest. D. Short-run decisions and long-run decisions.

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Suppose the Jay-Z and Beyonce are duopolists in the music industry. In January, castle agree to job-related together together a monopolist, charging the monopoly price for their music and also producing the monopoly quantity the songs. By February, each singer is considering breaking the agreement. What would certainly you intend to happen next? a. Jay-Z and Beyonce will identify that the is in every singer\"s best self interest to keep the agreement. B. Jay-Z and also Beyonce will certainly each break the agreement. The new equilibrium amount of songs will certainly decrease, and the brand-new equilibrium price will certainly increase. C. Jay-Z and Beyonce will certainly each rest the agreement. The new equilibrium amount of songs will increase, and the brand-new equilibrium price additionally will increase. D. Jay-Z and Beyonce will certainly each rest the agreement. The new equilibrium amount of songs will certainly increase, and the brand-new equilibrium price will certainly decrease.
d. Jay-Z and Beyonce will certainly each break the agreement. The new equilibrium quantity of songs will certainly increase, and also the new equilibrium price will certainly decrease.
As a group, oligopolists would always earn the greatest profit if they would certainly a. Fee the same price that a monopolist would charge if the industry were a monopoly. B. Produce an ext than the perfect competitive quantity of output. C. Develop the perfect competitive quantity of output. D. Run according come their own individual self-interests.
The equilibrium price in a market identified by oligopoly is a. Reduced than in monopoly markets and greater than in perfect competitive markets. B. Reduced than in monopoly markets and lower 보다 in perfectly competitive markets. C. Higher than in monopoly markets and lower 보다 in perfect competitive markets. D. Higher than in syndicate markets and greater than in perfectly competitive markets.
The prisoners\" dilemma video game a. Is a video game in which exactly one that the two players has a leading strategy. B. Provides insight right into why collaboration is difficult. C. Provides insight into why cooperation is personally rational. D. Is a video game in which neither player has actually a leading strategy.
Games that room played more than once typically a. Cause outcomes that carry out not reflect share rationality. B. Result in outcomes dominated purely through self-interest. C. Encourage cheating top top cartel production quotas. D. Do collusive arrangements less complicated to enforce.
A cooperative agreement amongst oligopolists is much less likely to be maintained, a. The smaller the number of buyers of the oligopolists\" product. B. The larger the variety of buyers that the oligopolists\" product. C. The much more likely it is the the game among the oligopolists will certainly be played over and over again. D. The better the variety of oligopolists.
From society\"s standpoint, cooperation amongst oligopolists is a. Desirable, because it leader to an outcome closer to the competitive outcome 보다 what would certainly be it was observed in the absence of cooperation. B. Undesirable, since it leads to output levels that space too high and prices that space too high. C. Desirable, because it leads to less conflict among firms and a more comprehensive variety of products for consumers. D. Undesirable, due to the fact that it leader to calculation levels that space too low and prices that room too high.
OPEC is able come raise the price of its product through a. Increasing the it is provided of oil above the competitive level. B. Tying. C. Setting production levels for each of its members. D. Imposing resale price maintain agreements on members.
The reduced the concentration ratio, thea. Much more control an separation, personal, instance firm has to set prices.b. Much more competitive the industry.c. Much less competitive the industry.d. Both a and c room correct.
Which that the adhering to industries has the highest possible concentration ratio?a. Wheatb. Novelsc. Cigarettesd. Dog food
One key difference between an oligopoly market and a competitive market is the oligopolistic firmsa. Are price takers while competitive firms are not.b. Can affect the profit of various other firms in the sector by the selections they do while this firm in competitive markets do not influence each various other by the selections they make.c. Sell completely unrelated commodities while compete firms execute not.d. Sell their product in ~ a price same to marginal price while competitive firms carry out not.
When an market has numerous firms, the sector is a. One oligopoly if the that company sell distinguished products, however it is monopolistically competitive if the this firm sell identical products. B. An oligopoly if the this firm sell differentiated products, but it is perfectly competitive if the firms sell identical products. C. Monopolistically compete if the this firm sell identified products, but it is perfectly competitive if the that company sell identical products. D. Perfect competitive if the firms sell distinguished products, yet it is monopolistically compete if the firms sell the same products
c. Monopolistically vain if the this firm sell differentiated products, yet it is perfectly competitive if the that company sell similar products.
A monopolistically vain firma. Dues a price that is equal to marginal cost.b. Experiences a zero benefit in the lengthy run.c. Produces in ~ the reliable scale in the lengthy run.c. All of the over are correct.
As new firms get in a monopolistically compete market, profits of existing this firm a. Rise, and also product diversity in the sector increases.b. Rise, and product diversity in the industry decreases.c. Decline, and also product diversity in the industry increases.d. Decline, and also product diversity in the industry decreases.
Entry and also exit journey each firm in a monopolistically competitive sector to a point of tangency in between its a. Marginal revenue curve and also its full cost curve.b. Marginal revenue curve and its average complete cost curve.c. Need curve and also its full cost curve.d. Demand curve and also its average full cost curve.

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In the long run, a for sure in a perfect competitive industry operates a. In ~ its reliable scale, and a monopolistically competitive certain operates at its efficient scale.b. In ~ its efficient scale, and a monopolistically competitive certain operates v excess capacity. C. With excess capacity, and also a monopolistically competitive firm operates with excess capacity. D. V excess capacity, and a monopolistically competitive for sure operates at its reliable scale.
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