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. If a few large firms dominate an industry the market is known as:

Monopolistic competition correct incorrect

Competitively monopolistic correct incorrect

Duopoly correct incorrect

Oligopoly correct incorrect

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. In a cartel, member firms may be given a fixed amount to produce. This amount is called a:

Limitless correct incorrect

Factor correct incorrect

Quota correct incorrect

Quotient correct incorrect

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. In the Kinked Demand Curve theory it is assumed that:

An increase in price by the firm is not followed by others correct incorrect

An increase in price by the firm is followed by others correct incorrect

A decrease in price by the firm is not followed by others correct incorrect

Firms collude to fix the price correct incorrect

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. The Kinked Demand Curve theory assumes:

Firms co-operate correct incorrect

Firms act as part of a cartel correct incorrect

Firms are competitive with each other correct incorrect

Firms are not profit maximizers correct incorrect

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. In Game Theory:

Firms are always assumed to act independently correct incorrect

Firms are always assumed to cooperate with each other correct incorrect

Firms always collude as part of a cartel correct incorrect

Firms consider the actions of others before deciding what to do correct incorrect

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. In the Kinked Demand Curve theory:

The marginal revenue curve is perfectly horizontal correct incorrect

Demand is always price inelastic correct incorrect

Demand is always price elastic correct incorrect

Non price competition is likely correct incorrect

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. In oligopoly:

The largest four firms are likely to have a small market share correct incorrect

The price is likely to equal marginal revenue correct incorrect

Firms will continue to produce in the long run if price is less than average cost correct incorrect

Firms may collude or compete depending on their assumptions about their competitors correct incorrect

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. A model of Game Theory of oligopoly is known as the:

Prisoner's Dilemma correct incorrect

Monopoly Cell correct incorrect

Jailhouse Sentence correct incorrect

Jury Box correct incorrect

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. In a cartel:

Firms compete against each other correct incorrect

Price wars are common correct incorrect

Firms use price to win market share from competitors correct incorrect

Firms collude correct incorrect

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. In cartels:

Each individual firm profit maximizes correct incorrect

There may be an incentive to cheat correct incorrect

The industry as a whole is loss making correct incorrect

There is no need to police agreements correct incorrect