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67 Matching questions

  1. The existence of economies of scale is one reason oligopolies exist because
  2. The major similarity between monopolistic competition and perfect competition is
  3. Game theory
  4. Deadweight loss
  5. Barriers to entry into a market
  6. Price discrimination is
  7. Opportunistic behavior
  8. Dominant strategies
  9. Oligopoly
  10. Credence good
  11. Search good
  12. The success of a cartel rests upon
  13. A monopolistic competitor is in long run equilibrium when
  14. The goal of advertising is to
  15. Zero-sum game
  16. Negative market feedback
  17. Price searcher
  18. Strategy
  19. A situation where a consumer's willingness to use an item depends on how many others use it is
  20. Monopolist
  21. Positive market feedback
  22. A barrier to entry is
  23. Short run economies of operation
  24. Two-sided market
  25. Informational advertising
  26. A firm can be the sole supplier of a good and is still not a monopolist if
  27. Direct marketing
  28. Vertical merger
  29. The demand curve for the product of a monopolistic competitor is
  30. Interactive marketing
  31. Network effect
  32. A concentration ratio measures
  33. Strategic dependence
  34. Information product
  35. Natural monopoly
  36. The social cost attached to monopolies is reflected by the fact that
  37. Tariffs
  38. A monopolistic competitor finds its profit maximizing rate of output by
  39. Which of the following is NOT a characteristic of firms in a monopolistically competitive market?
  40. Tit-for-tat strategic behavior
  41. Positive-sum game
  42. Average fixed cost for an information product would
  43. Cooperative game
  44. Monopolistic competition and perfect competition are similar in that each market structure is characterized by
  45. In which market structures is the firm able to earn long -run economic profits?
  46. If a monopolist is producing the quantity at which marginal revenue exceeds marginal cost, it should
  47. Noncooperative game
  48. Horizontal merger
  49. Which of the following will make price discrimination difficult for a monopolist?
  50. The monopolist's marginal revenue is less than price since
  51. The distinguishing of products by brand name, color, and other attributes
  52. Mass marketing
  53. Herfindahl- Hirschman Index
  54. Reaction function
  55. The market structure of oligopoly is when
  56. Negative-sum game
  57. The monopolist determines the price and quantity combination that maximizes short run profits by
  58. Monopolistic competition and perfect competition are different in that
  59. Experience good
  60. Persuasive advertising
  61. After participating members of a cartel form an agreement on common prices and output quotas, then they can increase its own profits by
  62. Concentration ratio
  63. Price differentiation
  64. Monopolistic competition
  65. Monopoly
  66. In which market structures do firms earn long- term profits of zero?
  67. Price discrimination
  1. a finding the quantity at which marginal cost and marginal revenue are equal and then using the demand curve to find price
  2. b an item that is produces using information-intensive inputs at a relatively high fixed cost but distributed for sale at a relatively low marginal cost
  3. c the single supper of a good or service for which there is no close substitute. The monopolist therefore constitutes its entire industry
  4. d strategies that always yield the highest benefit. Regardless of what other players do, a dominant strategy will yield the most benefit for the player using it
  5. e a tendency for a good or service to fall out of favor with more consumers because other consumers have stopped purchasing the item
  6. f a market situation in which a large number of firms produce similar but not identical products. Entry into the industry is relatively easy
  7. g the market structure in which there is a single supplier of a good or service for which there is no close
  8. h a game in which any gains within the group are exactly offset by equal losses by the end of the game
  9. i a product with qualities that consumers lack the expertise to asses without assistance
  10. j existence of significant economies of scale
  11. k perfect competition and monopolistic competition
  12. l a game in which all the players are better off at the end of the game
  13. m the absence of long run economic profits
  14. n a game in which the players explicitly coordinate their decisions to make themselves better off
  15. o a situation in which consumer's willingness to purchase a good or service is influenced by how many others also buy or have bought the item
  16. p advertising targeted at specific consumers, typically in the form of postal mailings, telephone calls, or email messages
  17. q a game in which the players neither negotiate nor cooperate in any way.
  18. r Selling a given product at more than one price, with the price difference being unrelated to differences in marginal cost
  19. s consumers pay prices that exceed the marginal cost of production
  20. t increasing production
  21. u advertising intended to reach as many consumers as possible, typically through television, newspaper, radio, or magazine ads
  22. v a monopoly that arises from the peculiar production characteristics in an industry. It usually arises when there are large economies of scale relative to the industry's demand such that one firm can produce at a lower average cost that can be achieved by multiple firms
  23. w the portion of consumer surplus that no one in society is able to obtain in a situation of monopoly
  24. x a firm that must determine the price-output combination that maximizes profit because it faces a downward-sloping demand curve
  25. y a product with characteristics that enable an individual to evaluate the product's quality in advance of a purchase
  26. z -governmental restrictions on a firm's ability enter a market
    -ownership of resources without close substitutes
    -economies of scale
  27. aa the percentage of all sales contributed by the leading four or leading eight firms in an industry; sometimes called the industry concentration ratio
  28. ab there are a small number of interdependent firms that constitute the entire market
  29. ac The sum of the squared percentage sales shares of all firms in an industry
  30. ad a market in which an intermediary firm provides services that link groups of producers and consumers
  31. ae additional units can only be sold if the price is lowered on all units sold
  32. af is known as product differentiation
  33. ag advertising that emphasizes transmitting knowledge about the features of a product
  34. ah a product that an individual must consume before the product's quality can be established
  35. ai selling a given product at more than one price, with the price differences being unrelated to differences in cost
  36. aj Taxes on imported goods
  37. ak Actions that focus solely on short0run gains because long-run benefits of cooperation are perceived to be smaller
  38. al only monopolistically competitive firms advertise
  39. am a tendency for a good or service to come into favor with additional consumers because other consumers have chosen to buy the item
  40. an decrease constantly as quantity increases
  41. ao advertising that is intended to induce a consumer to purchase a particular product and discover a previously unknown taste for the item
  42. ap a game in which players as a group lose during the process of the game
  43. aq a market structure in which there are very few sellers. Each seller knows that the other sellers will react to its changes in prices, quantities, and qualities.
  44. ar a distinguishing characteristic of an information product arising from decking short-run average total cost as more units of the product are sold
  45. as establishing different prices for similar products to reflect differences in marginal cost in providing those commodities to different groups of buyers
  46. at there are very close substitutes for the good
  47. au a way of describing the various possible outcomes in any situation involving two or more interacting individuals when those individuals are aware of the interactive nature of their situation and plan accordingly. The plans made by these individuals are known as game strategies.
  48. av the share of industry sales accounted for by the largest firms in the industry
  49. aw a restriction on starting a business
  50. ax its average total cost curve is tangent to the demand curve at the profit maximizing rate of output
  51. ay any rule that is used to make a choice
  52. az inducing all member to limit their combines output and charge the same price
  53. ba in game theory, cooperation that continues as long as the other players continue to cooperate
  54. bb advertising that permits a consumer to follow up directly by searching for more information and placing direct product orders
  55. bc the manner in which one oligopolist reacts to a change in price, output, or quality made by another oligopolist in the industry
  56. bd increase output if it wants to maximize profits
  57. be downward sloping
  58. bf a network effect
  59. bg the joining of affirm with another to which it sells an output or from which it buys an input
  60. bh as output increases average total cost decreases leading to large scale firms
  61. bi a situation in which one firm's actions with respect to price, quality, advertising, and related changes may be strategically countered by the reactions of one or more other firms in the industry. Such dependence can exist only when there are a limited number of major firms in an industry
  62. bj reduce the price elasticity of demand for the firm's product
  63. bk the joining of firms that are producing or selling a similar product
  64. bl that both assume many buyers and sellers
  65. bm the possibility of resale of the product
  66. bn oligopoly and monopoly
  67. bo equating marginal revenue and marginal cost