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Mod 4.5: Oligopoly & Game Theory

Authored by Mary Ong-Dean

Social Studies

12th Grade

Used 11+ times

Mod 4.5: Oligopoly & Game Theory
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5 questions

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1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

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Which of the following is a feature of oligopolies?

low barriers to entry

few firms in the market

control over prices

interdependence between firms

allocative efficiency

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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Oligopolists engage in collusion in order to:

increase output

decrease costs

increase prices and profits

increase market share

increase consumer surplus

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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In which of the following situations is noncooperative game theory more likely?

Firms trust their customers.

Firms do not have a relationship with one another.

Firms do not trust the government.

Firms trust one another.

Firms trust the government.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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Which of the following is true of every Nash equilibrium?

It is the only Nash equilibrium in the game.

It is also a dominant strategy equilibrium.

Neither player wants to independently change their strategy.

Neither player gains more than the other.

Neither player can gain from changing their strategy.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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Players have incentive to choose an action that makes them both worse off than if neither had chosen it. This describes:

a dominant strategy

the prisoner's dilemma

the beta strategy

Nash equilibrium

interdependence

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