AP Micro- Unit 4 Review
Flashcard
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History
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
Game theory is used to explain the strategic behavior of firms in oligopoly.
Back
strategic behavior of firms in oligopoly
2.
FLASHCARD QUESTION
Front
Monopolistically competitive product markets are inefficient because
Back
price is greater than marginal cost
3.
FLASHCARD QUESTION
Front
What is the profit-maximizing price and quantity? Options: P1, Q1, P2, Q4, P3, Q3, P4, Q2, P5, Q1
Back
P5, Q1
4.
FLASHCARD QUESTION
Front
The division of consumers into groups based on how much they will pay for a good
Back
Price Discrimination
5.
FLASHCARD QUESTION
Front
A market dominated by a few large, profitable firms
Back
Oligopoly
6.
FLASHCARD QUESTION
Front
An agreement among members of an oligopoly to illegally set prices and production
Back
Collusion
7.
FLASHCARD QUESTION
Front
In this market structure there is only one seller with a unique product
Back
monopoly
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