Which of the following sets of firms is best described as an oligopoly? your loc

Question

Which of the following sets of firms is best described as an oligopoly? your local electric power company local restaurants GM, Ford, Chrysler, Honda, and Toyota O wheat farmers QUESTION 2 Oligopoly occurs in markets with O a single producer. many firms with one large dominant firm. O a large number of small firms. o a small number of large firms QUESTION 3 to gain by changing strategy unless it can collude. A Nash equilibrium occurs when an economic decision maker has o everything O nothing O something ___ None of these correct QUESTION 4 efficient than a monopolistic outcome and An outcome from a duopoly is O less, less efficient than a competitive market outcome more; more O more; less O less; more

Explanation / Answer

1: GM, ford, chrysler, honda and toyota

2 Oligopoly occurs ina market itha small no. of large firms

3 Nothing

4 More, less

5 there are two producers of a product.

6 both suspects testify

7 both suspects testify

8: Sorry book is not mention here.

9: Each firm will maintain its current price

10 each firm reduces its price

11 for both restaurants to abide by the cartel's agreement

12 for both restaurants cheat on the cartel's agreement

13 there is no nash equilibrium

14 all of these

15 below average variable cost.

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