30. The market structure in which the behavior of any given firm depends on the

Question

30. The market structure in which the behavior of any given firm depends on the behavior of the other firms in the industry is
A. monopoly.
B. perfect competition.
C. oligopoly.
D. monopolistic competition.

31. Which one of these firms would be an oligopolist?
A. Proctor & Gamble
B. A family farm
C. A McDonald's restaurant in Manhattan
D. The only dentist in Hendry County, Florida

32. Which statement is true?
A. Most firms in the United States are oligopolies.
B. Oligopoly is illegal in the United States.
C. Product differentiation is the most important characteristic of oligopoly.
D. Big business or industry in the United States typically refers to oligopolies.

33. Each of the following is an oligopoly except
A. General Motors.
B. Hertz (car rentals).
C. Phillip Morris (cigarettes).
D. Microsoft (computer operating systems).

34. Which of the following represents an illegal control of prices?
A. Colluding
B. Following the leader without explicit agreements to do so
C. Following the price determined by an analysis of supply and demand
D. Accepting a government mandated price without contesting it

Explanation / Answer

30. C. oligopoly.

31 A. Proctor & Gamble

32. C. Product differentiation is the most important characteristic of oligopoly.

33. D. Microsoft (computer operating systems)

34 A. Colluding

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