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EQ # 11 – AGEC 105 – November 1, 2010

EQ # 11 – AGEC 105 – November 1, 2010. This EQ is worth 3 points. 1. Select the correct answers for conditions of oligopoly: (1/2pt) (a) number of sellers i . many ii. few iii. one (1/2pt) (b) Product differentiation i . yes ii. no

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EQ # 11 – AGEC 105 – November 1, 2010

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  1. EQ #11 – AGEC 105 – November 1, 2010 This EQ is worth 3 points. 1. Select the correct answers for conditions of oligopoly: (1/2pt) (a) number of sellers i. many ii. few iii. one (1/2pt) (b) Product differentiation i. yes ii. no (1/2pt) 2. Which of the following illustrates an oligopoly? (you may select more than one) (a) retail food industry (b) airline industry (c) utility (electric) company (d) farm machinery manufacturers (1/2pt) 3. TRUE or FALSE. The fact that oligopolists match all price decreases but not all price increases leads to a kinked demand curve. (1/2pt) 4. The social costs of monopolies are known as ____________________. (1/2pt) 5. TRUE or FALSE. Under conditions of monopoly relative to perfect competition, prices will be higher but quantities produced will be greater.

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