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Which of the following terms is not associated with a market having a firm whose

 Which of the following terms is not associated with a market having a firm whose
                            behavior has been judged to be characteristic of the dominant firm model?

a.godfather

b.price leadership

c.kinked demand curve

d.profit maximization

e.oligopoly

2.              The “prisoner’s dilemma” is a result of

a.differentiated products

b.large number of participants

c.game theory

d.certain outcomes

e.open market entry

3.              When the profit-maximizing output level for a firm can be decided by setting output at
                            the level where price is equal to marginal cost, the market structure is

a.perfect competition

b.monopolistic competition

c.duopoly

d.monopoly

e.oligopoly

4.              Which of the following would be most likely to contribute to the breakdown of a cartel in
                            a natural resource (e.g., bauxite) market?

a.high prices

b.low price elasticity of demand

c.high compatibility of member interests

d.significant barriers to entry

e.unequal member ownership of the natural resources

5.              A market structure wherein one firm among several  is dominant is referred to as

a.unbalanced oligopoly

b.monopolistic competition

c.perfect competition

d. balanced oligopoly

e.monopoly

6.              A kinked demand curve is associated with

a.tit-for-tat behavior

b.a dominant firm

c.a discontinuous marginal revenue curve

d.extreme marginalism

e.price leadership

7.              A “sticky price” model has its primary characteristic (i.e., sticky prices) due to

a.barriers to entry

b.a monopoly situation

c.differentiated products

d.too many competitors

e.a gap in marginal revenue curve

8.              When one firm assumes others in the market will follow its price setting behavior, this is
                            referred to as

a.the kinked demand model

b.the godfather model

c. oligopoly

d.the cartel model

e.monopolistic competition

9.              The only item which would be consistent with a decreased likelihood of cartel formation
                            for production of a product is

a.patent protection

b.price inelastic demand

c.many producers

d.income elastic demand

e.limited market entrance

10.              Which of the following items most likely explains why corn is not produced by a cartel?

a.barriers to market entrance

b.patent protection

c.many producers

d.income inelastic demand

e.limited raw materials

Dec 11 2019 View more View Less

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