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© 2012 Pearson Addison-Wesley Q1: In ________, a firm’s output depends ________. A oligopoly; only on its own marginal revenue and marginal cost B monopolistic competition; in part on its competitors’ price and quantity decisions C oligopoly; in part on its competitors’ price and quantity decisions D monopolistic competition; only on its own marginal revenue
© 2012 Pearson Addison-Wesley Q2: Two firms make most of the consumer alkaline batteries in the country: Duracell and Energizer. The market for batteries is most likely _______. A a monopoly B an oligopoly C perfectly competitive D monopolistically competitive
© 2012 Pearson Addison-Wesley Q3: In a duopoly game, we observe the following payouts: If the two firms collude, they will each make $50,000. If one firm cheats, then it makes $60,000 and the other firm makes $10,000. If both firms cheat, then they each make zero economic profit. In this game, what is the Nash equilibrium? A Both firms cheat. B Only one firm will cheat. C Neither firm will cheat. D It is impossible to say.
© 2012 Pearson Addison-Wesley Q4: Intel has 80 percent of the market for microprocessors, AMD has the rest. Conducting R&D is very expensive, so suppose that each firm can either undertake R&D or not. If both firms undertake R&D, each firm will make a profit of $50 million. If one firm does not undertake R&D, that firm makes a loss of $10 million while the other firm makes a profit of $100 million. If both neither firm undertakes R&D, each firm breaks even. What is the outcome of this game? A Both firms will conduct R&D. B Both firms will steal R&D. C The outcome will be a dominant strategy equilibrium. D Only one firm will conduct R&D, but we cannot predict which firm will conduct R&D.
© 2012 Pearson Addison-Wesley Q5: The main purpose of antitrust law is to _______. A prohibit firms from becoming a monopoly or behaving like a monopoly B regulate advertising C encourage the formation of cartels D regulate the price that firms in oligopoly charge
Oligopoly Fun and games. Oligopoly An oligopolist is one of a small number of producers in an industry. The industry is an oligopoly. All oligopolists.
© 2007 Pearson Addison-Wesley. All rights reserved.12–1 Figure 12.1 Perfect Price Discrimination.
OLIGOPOLY Chapter 16. The Spectrum of Market Structures.
1. Introduction to Price Fixing: Legal and Economic Foundations Antitrust Law Fall 2014 Yale Law School Dale Collins SLIDES FOR CLASS.
When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Describe and identify oligopoly and explain how.
UNIT 4.3: IMPERFECT COMPETITION Oligopoly(Oli.). Identical Products No advantage D=MR=AR=P Both efficiencies Price-Taker 1000s Perfect Competition Monopolistic.
Ch. 16 Oligopoly. Oligopoly Only a few sellers offer similar or identical products Actions of any seller can have large impact on profits of other sellers.
Oligopoly Chapter 16. Imperfect Competition Imperfect competition includes industries in which firms have competitors but do not face so much competition.
Harcourt Brace & Company OLIGOPOLY Chapter 16. Harcourt Brace & Company The Spectrum of Market Structures.
The Economic Framework For our purposes two basic sets of agents: –Consumers –Firms Interact through markets Faced with some economic environment or market.
A monopolistically competitive market is characterized by three attributes: many firms, differentiated products, and free entry. The equilibrium in a monopolistically.
Competition And Market Structure. Types Of Market Structure Monopolistic Competition: - Many firms produce differentiated products. - Sold the products.
CHAPTER 23 MONOPOLISTIC COMPETITION AND OLIGOPOLY.
Firms Overview Perfect Competition and Monopoly= Extremes Oligopolies and Monopolistically Competitive Firms= Dominate U.S. economy Monopolistically.
Objectives © Pearson Education, 2005 Oligopoly LUBS1940: Topic 7.
Today n Oligopoly Theory n Economic Experiment in Class.
When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Explain how price and quantity are determined.
Oligopoly Few sellers each offering a similar or identical product to the others Some barriers to entry into the market Because of few sellers, oligopoly.
Oligopoly Games An Oligopoly Price-Fixing Game A game like the prisoners’ dilemma is played in duopoly. A duopoly is a market in which there are only two.
MONOPOLY © 2012 Pearson Addison-Wesley eBay, Google, and Microsoft are dominant players in the markets they serve. These firms are not like the firms.
Oligopoly CHAPTER 16 When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Describe and identify oligopoly.
Copyright © 2004 South-Western CHAPTER 16 OLIGOPOLY.
Oligopoly and Game Theory ETP Economics 101. Imperfect Competition Imperfect competition refers to those market structures that fall between perfect.
CHAPTER 9 Basic Oligopoly Models McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.
CHAPTER 9 Basic Oligopoly Models Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written.
Copyright©2004 South-Western 16 Oligopoly. Copyright © 2004 South-Western BETWEEN MONOPOLY AND PERFECT COMPETITION Imperfect competition refers to those.
Copyright©2004 South-Western 16 Oligopoly. Copyright © 2004 South-Western What’s Important in Chapter 16 Four Types of Market Structures Strategic Interdependence.
GAME THEORY and its Application Chapter 06. Outlines... Introduction Prisoner`s dilemma Nash equilibrium Oligopoly price fixing Game Collusion for profit.
Chapter 16 Oligopoly. Objectives 1. Recognize market structures that are between competition and monopoly 2. Know the equilibrium characteristics of oligopoly.
Oligopoly Chapter 25. Markets With Only a Few Sellers Because of the few sellers, the key feature of oligopoly is the tension between cooperation and.
By: Serenity Hughes ECONOMICS 101. The markets for many important products are dominated by a small number of very large firms. IMPERFECT COMPETITION.
Oligopoly CHAPTER 13B. Oligopoly IRL In some markets there are only two firms. Computer chips are an example. The chips that drive most PCs are made by.
© 2013 Pearson. Is two too few? © 2013 Pearson 18 When you have completed your study of this chapter, you will be able to 1 Describe and identify oligopoly.
OLIGOPOLY AND DUOPOLY Asst. Prof. Dr. Serdar AYAN.
Chapter 16 notes oligopoly. BETWEEN MONOPOLY AND PERFECT COMPETITION Types of Imperfectly Competitive Markets – Oligopoly Only a few sellers, each offering.
Warm-Up 11/28 This should be quite easy for those book readers out there… Overview is due today What are the negative aspects of oligopoly?
Is two too few? The brain power in your computer comes from a chip made by one of only two producers. Is the market for chips competitive enough to benefit.
Part 8 Monopolistic Competition and Oligopoly Most markets are not pure monopolies or perfectly competitive, but lie in-between Monopolistic competition.
© 2007 Thomson South-Western. BETWEEN MONOPOLY AND PERFECT COMPETITION Imperfect competition refers to those market structures that fall between perfect.
17 Oligopoly. Copyright © 2004 South-Western BETWEEN MONOPOLY AND PERFECT COMPETITION Imperfect competition refers to those market structures that fall.
INTERMEDIATE MICROECONOMICS Topic 9 Oligopoly: Strategic Firm Interaction These slides are copyright © 2010 by Tavis Barr. This work is licensed under.
Principles of Microeconomics November 26 th, 2013.
Norwood and Lusk: Agricultural Marketing & Price Analysis © 2008 Pearson Education, Upper Saddle River, NJ All Rights Reserved. Chapter 10 Strategic.
MONOPOLISTIC COMPETITION AND OLIGOPOLY 13 CHAPTER.
Monopolistic Competition & Oligopoly. Unit Objectives Describe the characteristics of monopolistic competition and oligopoly Discover how monopolistic.
Copyright © 2006 Nelson, a division of Thomson Canada Ltd. 16 Oligopoly.
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