Monop Comp and Oligop quiz prep

An oligopoly market structure with only two firms is called a __________.

Oligopoly outcomes can be strategized using game theory with a thought experiment known as the prisoners' _________.

Which market structure produces the lowest prices and highest output?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these options

In which market structure do firms operate at MC=MR to maximize profits?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these options

In which market structures is it possible to earn positive economic profits in the long run?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these options

In which market structures is it possible to earn positive economic profits in the short run?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these options

In which market structures is P > MC?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these options

Price makers are found in which market structures?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these options

In which market structure is advertising not a useful expense for a firm?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these options

Which market structure is most preferred by a rational firm?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

• All of these options