econ 2100 principlesofeconomics2e testbank ch10 monop competion with explained answers 100 correct download to score a
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ECON 2100: Principles_of_Economics2e-TestBank-Ch10-monop-competion
With Explained Answers 100% Correct Download To Score A
Economics Chapter 10 Test
Bank
1. In the competitive market for figure skate blades, manufacturers offer an array of
products that are
A. distinctly different in a particular way.
B. distinctly similar in a particular way.
C. virtually identical on the competition spectrum.
D. at opposite ends of the competition spectrum.
Answer: A Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Understand
2. occurs when circumstances have allowed several large firms to
have all or most of the sales in an industry.
A. Collusion
B. A monopoly
C. An oligopoly
D. A cartel
Answer: C Reference:
Explanation:
,ECON 2100: Principles_of_Economics2e-TestBank-Ch10-monop-competion
With Explained Answers 100% Correct Download To Score A
3. arises when firms act together to reduce output and keep prices high.
A. Collusion
B. A cartel
C. A monopoly
D. An oligopoly
Answer: B
Reference:
Explanation:
4. A refers to a group of firms colluding with one another to produce at the
monopoly
,ECON 2100: Principles_of_Economics2e-TestBank-Ch10-monop-competion
With Explained Answers 100% Correct Download To Score A
output and sell at the monopoly price.
A. prisoner's dilemma
B. cartel
C. game theory
D. duopoly
Answer: A Reference:
Explanation:
5. The branch of mathematics that analyzes situations in which players must make
decisions and then receive payoffs most often used by economists is
A. oligopoly collusion.
B. prisoner's dilemma.
C. game theory.
D. collusion theory
Answer: C
Reference:
Explanation:
6. If the CEO of I'MaBigBank is playing prisoner's dilemma then, from his
perspective, the gains to be had from cooperation are
, ECON 2100: Principles_of_Economics2e-TestBank-Ch10-monop-competion
With Explained Answers 100% Correct Download To Score A
A. larger than the payoffs that will be received.
B. smaller than the payoffs that will be perceived.
C. smaller than the rewards from pursuing self-interest.
D. larger than the rewards from pursuing self-interest.
Answer: D Reference:
Explanation:
Type: Multiple Choice Difficulty: Medium Category: Analyze
7. The perceived demand curve for a group of competing oligopoly firms will
appear kinked as a result of their commitment to
A. match price increases, but not price cuts.
B. stand at opposite ends of the competition spectrum.
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