Monopolistic Competition, Oligopoly and Strategic Behavior

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Monopolistic Competition, Oligopoly and Strategic Behavior

Course Name: Microeconomics Course No.EC 122 Quiz Number: Quiz Twenty Five Teacher: Larry Fuhrer, MBA, MBA Teacher's Home Page: http://chat.wcc.cc.il.us/~lfuhrer/ Teacher's Email: lfuhrer@mail.wcc.cc.il.us

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No. of Questions= 11
Pass mark is - 85 %.

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1. The monopolistic competitor has less ________ than a true monopoly but, like the monopolist, does not make an ___________ _________.

2. An ______________ describes a market setting in which there are _______ firms.

3. In an oligopoly, the barriers to entry are _______ and the cost is ________.

4. Some games result in a _______ sum but a cartel functions ___________ until trust breaks down and it becomes a ______ _________ game, too..

5. Prices in an ___________ remain rigid until either cost or demand changes extensively.

6. The threat of a price war raises the _______ of __________ to a new firm entering a marketplace.

7. A dominant firm makes the ________ ________ and sets market price.

8. In a positive sum game, all players exit ________ of where they entered.

9. The ________ demand curve has been used to explain price rigidity in oligopolies.

10. A monopolistically competitive firm applies MC=__ to maximize profits.

11. Between the extremes of pure competition and monopoly we find ____________ competition and __________.

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1.	The monopolistic competitor has less ________ than a true monopoly but, like the monopolist, does not make an ___________ _________.




2.	An ______________ describes a market setting in which there are _______ firms.




3.	In an oligopoly, the barriers to entry are _______ and the cost is ________.




4.	Some games result in a _______ sum but a cartel functions ___________ until trust breaks down and it becomes a ______ _________ game, too..




5.	Prices in an ___________ remain rigid until either cost or demand changes extensively.




6.	The threat of a price war raises the _______ of __________ to a new firm entering a marketplace.




7.	A dominant firm makes the ________ ________ and sets market price.




8.	In a positive sum game, all players exit ________ of where they entered.




9.	The ________ demand curve has been used to explain price rigidity in oligopolies.




10.	A monopolistically competitive firm applies MC=__ to maximize profits.




11.	Between the extremes of pure competition and monopoly we find ____________ competition and __________.