Chương 17

1. 11. The key feature of an oligopolistic market is that
   a. each firm produces a different product from other
   firms.
   b. a single firm chooses a point on the market
   demand curve.
   c. each firm takes the market price as given.
   d. a small number of firms are acting strategically.

   1. Aa
   2. Bb
   3. Cc
   4. Dd
2. 22. If an oligopolistic industry organizes itself as a coop-
   erative cartel, it will produce a quantity of output that
   
   is ________ the competitive level and ________ the
   monopoly level.
   a. less than, more than
   b. more than, less than
   c. less than, equal to
   d. equal to, more than

   1. Aa
   2. Bb
   3. Cc
   4. Dd
3. 33. If an oligopoly does not cooperate and each firm
   chooses its own quantity, the industry will produce a
   quantity of output that is ________ the competitive
   level and ________ the monopoly level.
   a. less than, more than
   b. more than, less than
   c. less than, equal to
   d. equal to, more than

   1. Aa
   2. Bb
   3. Cc
   4. Dd
4. 44. As the number of firms in an oligopoly grows large,
   the industry approaches a level of output that is
   ________ the competitive level and ________ the
   monopoly level.
   a. less than, more than
   b. more than, less than
   c. less than, equal to
   d. equal to, more than

   1. Aa
   2. Bb
   3. Cc
   4. Dd
5. 55. The prisoners’ dilemma is a two-person game illus-
   trating that
   
   a. the cooperative outcome could be worse for both
   people than the Nash equilibrium.
   b. even if the cooperative outcome is better than the
   Nash equilibrium for one person, it might be worse
   for the other.
   
   c. even if cooperation is better than the Nash equilib-
   rium, each person might have an incentive not to
   
   cooperate.
   d. rational, self-interested individuals will naturally
   avoid the Nash equilibrium because it is worse for
   both of them.
   
   

   1. Aa
   2. Bb
   3. Cc
   4. Dd
6. 66. The antitrust laws aim to
   a. facilitate cooperation among firms in oligopolistic
   industries.
   b. encourage mergers to take advantage of economies
   of scale.
   c. discourage firms from moving production facilities
   overseas.
   d. prevent firms from acting in ways that reduce
   competition.

   1. Aa
   2. Bb
   3. Cc
   4. Dd

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Quiz on Chương 17, created by Nguyen Thi My Huong B2306994 on 17/11/2024.

Author

Nguyen Thi My Huong B2306994

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