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An oligopolist cares very much about what other firms in her industry are doing. true or false

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An industry comprising 40 firms, none of which has more than 3 percent of the total market for a differentiated product, is an example of Multiple Choice monopolistic competition. oligopoly. pure monopoly. pure competition.
In Malaysia, there are only a few firms in the telecommunication industry such as Maxis, Digi, and Celcom. By the theory of economics, this situation is called an oligopoly. Oligopoly, a market dominated by a few large firms of a homogeneous or differentiated product. Explain how the price and output affect the production decision of the individual oligopolist.
How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims
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Companies like Amazon and Facebook and Google are so dominant that they really have very little competition. Even when new companies like Zappos and Diapers.com threatened it, Amazon bought up both companies. Facebook did that with WhatsApp and Instagram. Is that healthy competition or monopoly/oligopoly power? Discuss.
Oligopolies are characterized by a large number of independent firms. is this true or false
true or false The oligopolist reduces the price of the good by 10%, but the competitors reduced their prices by 8%. As a result, the oligopolist only attracts only an additional 5% consumers from his competitors, This will reduce the total revenue of the oligopolist.
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MARK ALL ANSWERS THAT APPLY: Prices in an oligopolistic market will tend to be: the same as they would be in a monopoly higher than they would be in a monopoly lower than they would be in a competitive market lower than they would be in a monopoly higher than they would be in a competitive market