Mod 64 Practice Quiz
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1. When firms cooperate to raise their joint profits, they are necessarily
b. in a cartel
c. a monopoly
d. in a monopoly
e. in a competitive industry
2. Which of the following is most important to oligopoly firms?
a. Maximizing revenue
b. Beating a competitor even if it means lower profits.
c. Maximizing profit regardless of other firms choices
d. Loss minimizing
e. Eliminating barriers to entry.
3. An agreement among several producers to restrict output and increase profit is necessary for
d. a cartel.
4. Oligopolists engage in which of the following types of behavior? I. quantity competition II. price competition III. cooperative behavior
a. I only
b. II only
c. III only
d. I & II only
e. I, II & III
5. Which of the following will make it easier for firms in an industry to maintain positive economic profit?
a. a ban on cartels
b. a small number of firms in the industry
c. a lack of product differentiation
d. low start-up costs for new firms
e. the assumption by firms that other firms have variable output levels
APPLICATION: EU vs. Google
Should the EU have fined Google $5,000,000,000?
Explain your position for the answer above. USE ECONOMIC THINKING
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