Micro ch 17 shsu

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A market consists of three firms of similar sizes, each selling a product that is similar but not identical. Which type of market is this?


Which of the following statements about oligopolies is NOT correct?

Unlike monopolies and monopolistic ally competitive markets, oligopolies prices do not exceed their marginal revenues.

In the language of game theory, a situation in which each person must consider how others might respond to his or her own actions is called a

Strategic situation

In general, game theory is the study of

How people behave in strategic situations

Game theory is important for understandings which of the following market types?

Oligopolistic but not perfectly competitive markets

A distinguishing feature of an oligopolistic industry is the tension between

Cooperation and self interest

The simplest type of oligopoly is


An agreement among firms in a market about quantities to produce or prices to charge is called


An agreement between two duopolists to functions as a monopolist usually breaks down because

Each duopolist wants a larger share of the market in order to capture more profit.

As the number of firms in an oligopoly increases, the

Price approaches marginal costs, and the quantity approaches the socially efficient level.

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called

A Nash equilibrium

Which of these situations produces the largest profits for for oligopolists?

The firms reach the monopoly outcome.

When firms have agreements among themselves on the quantity to produce and the price at which to sell output, we refer to their form of organization as a


The equilibrium quantity in markets characterized by oligopoly is

Higher than in monopoly markets and lower than in perfectly competitive markets.

The equilibrium price in a market characterized by oligopoly is

Lower than in monopoly markets and higher than in perfectly competitive markets.

A group of firms that act in unison to maximize collective profits is called a


Once a cartel is formed, the market is in effect served by

A monopoly

An oligopolist will increase production if the output effect is

Greater than the price effect.

Oligopolies can end up looking like competitive markets if the number of firms is

Larger and they do not cooperate

The theory of oligopoly provides another reason that free trade can benefit all countries because:

As the number of firms within a given market increases, the price of the good decreases.

Game theory is necessary for understanding

Oligopoly, but it is not necessary for understanding monopoly or competition.

The prisoners’ Selena provides insights into the

Difficulty of maintaining cooperation.

The likely outcome of the standard prisoners’ dilemma game is that

Both prinsoners confress

In a game, a dominant strategy is

The best strategy for a player to follow, regardless of the strategies followed by other players

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