MC, Oligopoly and Game Theory

Front

A key characteristic of monopolistically competitive firms is

Back

differentiated products

Front

A key characteristic of oligopolistic firms is

Back

interdependence between firms

Front

The primary goal of a cartel is to

Back

decrease supply to increase member profits

Front

The kinked demand curve model assumes that your competition will

Back

match your price decreases but not match your price increases

Front

If a firm follows their dominant strategy they will

Back

do what's best for them regardless of what their competition does

Front

Both monopolistically competitive and oligopolistic firms maximize profits where

Back

MR = MC

Front

Which market type is the least competitive? Options: perfect competition, monopolistic competition, oligopoly, monopoly

Back

monopoly

Front

In general, industries in the U.S. are becoming __________ competitive.

Back

less

Front

Game theory is used to analyze the behavior of oligopolistic industries because

Back

firms are interdependent

Front

Why do we not see cartels within the U.S.?

Back

They are illegal.