Oligopoly is difficult to analyze because a )     of the complex interdependence that usually exists among oligopolistic firms. b )     there is no price competition among oligopolistic firms. c )     price is NOT a decision variable for oligopolistic firms. d )     there is price competition among oligopolistic firms but no competition on product quality.

In the model of oligopoly, there: are many firms producing undifferentiated products. is one firm producing a highly differentiated product. is one firm producing undifferentiated products. are a few firms producing differentiated or undifferentiated products. are many firms producing differentiated products.

Company A and Company B are competing oligopolists. Both companies are considering increasing or maintaining their prices. The payoff matrix shows the profits of the companies in millions based on their possible actions.. Company A Increase Price Company B Increase Price Maintain Price $50, $40 Maintain Price $55, $45 $35, $30 $60, $35 The government offers a $5 million subsidy to maintain current pricing. What is the expected outcome of the new payoff matrix, given the subsidy? The Nash equilibrium changes, and both companies will maintain their prices The Nash equilibrium changes, and both companies will increase their prices. The Nash equilibrium remains the same, and both companies will increase their prices Company A will increase its price, while Company B maintains its price. Company A will maintain its price, while Company B increases its price

An oligopoly firm faces a kinked demand curve with the two segments given by: P = 230 – 0.5Q and P = 280 – 1.5Q. The firm currently has a constant marginal cost, MC of $150. Determine the quantity and price at the kink.

Answer multiple choice

Describe the basic elements of a game, strategy, payoffs, dominant strategy, and Nash equilibrium. How game theory can help to understand the behavior of an oligopolistic firm.

An oligopoly firm with a differentiated product will generally earn the largest profits without advertising. true or false

One key difference between an oligopoly market and a competitive market is that oligopolistic firms sell their products at a price equal to marginal cost while competitive firms do not. decisions made by oligopolistic firms are interdependent while with competitive firms they are not. oligopolistic firms are price takers while competitive firms are not. oligopolistic firms sell completely unrelated products while competitive firms do not.

In an oligopolistic market there are            many buyers.        few buyers.        few sellers.        many sellers.

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