Which of the following is a characteristic of an oligopoly market? a)many firms b)unique product c)price setting powerd)best response functions e)none of the above

Three oligopolistic firms ("1", "2" and "3") conduct quantity competition in a certain market. The interactions between them take place as follows: firm 1 defines its production quantity, which is immediately observed by firms 2 and 3; then, firm 2 makes its decision on how much it will produce, and only after observing the decisions of firms 1 and 2 does firm 3 finally make its respective choice. Furthermore, the total costs of firms 1, 2 and 3 correspond respectively to c₁(q₁) = 10q₁, c₂(q₂) = 8q₂ and c₃(q₃) = 2q₃, and the firms face a (inverse) demand given by p(Q) = 110 - Q (where Q = q₁ + q₂ + q₃). Based on this information, determine what will be the total amount produced by the firms in the (single) ENPS for that game. (Note: the correct answer is an integer.)

In the classic Bertrand model of oligopoly (e.g., a duopoly with no capacity constraints, product differentiation or innovation), price for each firm will be set: at the monopoly price above MC at MC below MC

What kind of barriers to entry exist in oligopoly? (Give any two examples)

Four firms (you and three competitors) are producing perfect substitutes in an oligopolistic market. P(Q) = -4.32Q + 1500 and C(Q) = 85Q. You and your partner have no idea whether your competitors would form a cartel or become Cournot oligopolists. Please help your partner construct a game theory table to determine the secure strategy and show all calculations.

The oligopoly market structure is characterized by several defining qualities on of which is either similar or identical characteristics, which others describe the oligopolistic market structure.

An oligopoly can be characterized by production of either identical goods or differentiate goods. True or false

An oligopolistic market structure is distinguished by several characteristics, one of which is difficult entry. What are some other characteristics of this market structure? Check all that apply. Market control by many small firms   a) Market control by a few large firms   b) Mutual interdependence   c) Mutual dependence   d) Either similar or identical products

1) Discuss the main features of oligopoly market.   please provide detailed answer

Problem 3 (a) Suppose that when Jane is presented with the following two menus, her choices from them are as below 2 • When presented with the menu {6 units of apples, 5 units of bananas}, Jane chooses 6 units of apples. • When presented with the menu {7 units of oranges, 5 units of bananas}, Jane chooses 5 units of bananas. Suppose that Jane is then presented with the menu {7 units of oranges, 6 units of apples} What must Jane's choice be from this menu so that her behavior conforms to the axioms of rational choice? Explain. (b) Suppose that Frederick choices from the following menus are as follows • For any e > 0³, out of the menu {(4 + ɛ apples and 3 bananas), (5 oranges and 3 bananas)}, Frederick chooses (4 + ε apples and 3 bananas). • Out of the menu {(4 apples and 3 bananas), (5 oranges and 3 bananas)}, Fred- erick chooses (5 oranges and 3 bananas) What axiom of rational choice does Frederick's behavior evidently violate? Discuss.