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Oligopoly Flashcards | StudBud
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Oligopoly
Oligopoly
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1
When firms in an oligopoly charge the same prices without any formal collusion.
Formal Collusion
Tacit Collusion
Collusive Oligopoly
Non-CollusiveOligopoly
2
How is the common indicator of concentration in an industry represented?
RXC
CRx
CXR
RC<font size="1">X</font>
3
The following image represents:
Kinked Demand Curve
The Prisoner's Dilemma
Game Theory
Non-price Competition
4
Which of the following is not an example of Non-price Competition?
Packaging
Advertising/Publicity
Price
Brand Name
5
When firms do not collude and have to be aware of the reactions of others when making pricings
Formal Collusion
Collusive Oligopoly
Non-Collusive Oligopoly
Tacit Collusion
6
When firms openly agree on the price that they will all charge.
Tacit Collusion
Formal Collusion
Non-CollusiveOligopoly
Collusive Oligopoly
7
When firms collude to charge the same prices for their products, acting as a monopoly.
Tacit Collusion
Collusive Oligopoly
Formal Collusion
Non-Collusive Oligopoly
8
The following image represents.
Game Theory
Kinked Demand Curve
The Prisoner's Dilemma
Non-price Competition
9
Both Tacit and Formal Collusion share these characteristics except:
Charge monopolistic price
Share profits equally
Make monopoly profits
Behave as a monopolist
10
Where is Oligopoly located in the following image?
C
A
D
B
11
What does the "X" in CR
X
represent?
The amount of profit
The number of the largest firms
Time
Marginal Revenue
12
What´s not an example of an Oligopoly?
Cable Television Services
Canned Food
Pharmaceuticals
Oil and Gas
13
Which is not an assumption of Oligopoly?
Prices usually drastically
Almost identical products
Interdependence
Few firms dominate
14
Advertising and marketing expenditures as firms form brand loyalty and make demand less elastic
Game Theory
Non-price Competition
The Prisoner's Dilemma
Kinked Demand Curve
15
What "illustrates strategic interdependence" ?
Non-price Competition
Game Theory
The Prisoner's Dilemma
Kinked Demand Curve
