MICROECONOMICS QUIZ 8

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Which of the following is the best example of oligopoly?

automobile manufacturing

The economic inefficiencies (wastes) of monopolistic competition may be offset by the fact that:

consumers have a number of variations of the product and more products from which to choose

The restaurant, legal assistance, and clothing industries are each illustrations of:

monopolistic competition

Which of the following is a characteristic of monopolistic competition?

- relatively large numbers of sellers - relatively easy entry to the industry

The kinked-demand curve of an oligopolist is based on the assumption that:

competitors will follow a price cut but ignore a price increase

If the four-firm concentration ratio for industry X is 70:

the industry is oligopoly


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