10e_Test Bank_Chapter 15_Final

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1、File:Chapter15OligopolyandAntitrustPolicyTrue/False[QUESTION]1.Theoligopolymodelistheonlymodelthatexplicitlyconsidershowthepricingandoutputdecisionsofonefirmaffectotherfirms.Ans:TrueAACSB:ReflectiveThinkingBloom’s:UnderstandDifficulty:02MediumLearningObjective:15-01Topic:DistinguishingCharacte

2、risticsofOligopolyFeedback:Firmsactindependentlyinmonopolisticallycompetitiveandperfectlycompetitiveindustries.Inmonopolizedindustries,therearenorivalstobeconcernedabout.[QUESTION]2.Thecentralelementoftheoligopolymodelisthateachfirmproducesadifferentiatedproduct.Ans:FalseAASCB:ReflectiveThinki

3、ngBloom’s:UnderstandDifficulty:02MediumLearningObjective:15-01Topic:DistinguishingCharacteristicsofOligopolyFeedback:Thecentralelementoftheoligopolymodelisinterdependence.Firmsinanoligopolisticmarketmayproduceeitheridenticalordifferentiatedproducts.[QUESTION]3.Thecartelmodelofoligopolyassumest

4、hatfirmsjointlybehaveasamonopolistinordertomaximizejointprofits.Ans:TrueAACSB:ReflectiveThinkingBloom’s:RememberDifficulty:01EasyLearningObjective:15-02Topic:ModelsofOligopolyBehaviorFeedback:Cartelsimplicitlyorexplicitlycolludeintheirpricingdecisionsinanattempttomaximizeindustryprofits.[QUEST

5、ION]4.Implicitcollusionoccurswhenoligopolisticfirmsnegotiateacommonprice.Ans:FalseAACSB:ReflectiveThinkingBloom’s:Remember©2017byMcGraw-HillEducation. Thisisproprietarymaterialsolelyforauthorizedinstructoruse.Notauthorizedforsaleordistributioninanymanner. Thisdocumentmaynotbecopied,scanned,dup

6、licated,forwarded,distributed,orpostedonawebsite,inwholeorpart. Difficulty:01EasyLearningObjective:15-02Topic:ModelsofOligopolyBehaviorFeedback:Implicitcollusioninvolvesnoexplicitcommunicationbetweenfirms.[QUESTION]5.Accordingtothecontestablemarketmodel,iftherearenobarrierstoentryorexit,thepri

7、ceanoligopolistsetswillbeequivalenttoaveragetotalcost.Ans:TrueAACSB:ReflectiveThinkingBloom’s:UnderstandDifficulty:02MediumLearningObjective:15-02Topic:ModelsofOligopolyBehaviorFeedback:Ifamarketiscontestable,anoligopolistwillsetapricet