St. Philips College

ECON 101

Chapter 11

1)An industry's market structure refers to

2. How might an oligopolist increase total revenue without changing price?

3. If rival oligopolists completely ignore Mitchell's Tool Company's price changes, then Mitchell's Tool Company's

4. Which of the following is true about the kink in the demand curve?

5. Oligopolists have an incentive to coordinate price because with coordination

6. Market power is the ability of a firm to

7. If an oligopoly market is contestable and new firms enter, the

8. Open and explicit agreements concerning pricing and output shares transform an oligopoly into a

9. If all of your friends use the same instant messaging service provider, you are likely to use it too. This behavior may create
10. Temporary price reductions intended to drive out competition are referred to as

11. A firm cannot maintain above-normal profits over the long run

12. If an oligopolist is going to change its price or output, its initial concern is

13. In the long run, an oligopolist is most likely to

14. Oligopolists will maximize total profits for all of the firms in the market at the rate of output where

15. Which one of the following is not a danger of experimenting with pricing for an oligopoly?

16. General Electric and Westinghouse were convicted of