47) Firms in an oligopoly i. are independent of each other\'s actions. ii. can e

Question

47) Firms in an oligopoly i. are independent of each other's actions. ii. can each influence the market price. ii. charge a price equal to marginal revenue. A) 1 only B) ii only C) ii only D) i and ii E) i, ii, and ii 48) Which of the following are characteristics of an oligopoly? i) The HHI for an oligopoly is between 100 and 1800. i) There are a few firms that compete. ii) The firms can increase their profit by forming a cartel. A) i and ii B) i and ii C) ii and ii D) i, ii, and ii E) ionly. 49) Which of the following is a model of Oligopoly A) Kinked Demand Curve Model. B) Collusive Pricing Model. C) Leadership Model. D) All of the Above. E) None of the Above. 50) Which of these concepts is associate with Oligopoly A) Strategic Behavior. B) Mutual Interdependence. C) Collusion. Cartel E) All of the Above

Explanation / Answer

47) Option B. Oligopoly firms develop strategies against their rivals because their decisions can influence others.

48) Option C. HHI lies above 1000. Firms are fewer than monopolistic competition and cartel formation can increase profits

49) Option D. All of them have more than one firm so these are oligopolies

50) Option E.

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