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A characteristic of monopolistic competition is:
Mutual interdependence.
Each firm can increase their sales by dropping the price which increases their profits if they cheat.
Joint profits can be maximized by a cartel.
Make price less of an issue with consumers.
Earn normal profits, but not economic profits.
The practice of working with another firm to increase joint profits.
Each firm must consider the reaction of their competitors when it determines its pricing policy.
Firms will produce differentiated products.
Collusion is:
Mutual interdependence.
Each firm can increase their sales by dropping the price which increases their profits if they cheat.
Joint profits can be maximized by a cartel.
Make price less of an issue with consumers.
Earn normal profits, but not economic profits.
The practice of working with another firm to increase joint profits.
Each firm must consider the reaction of their competitors when it determines its pricing policy.
Firms will produce differentiated products.
Cartels form because:
Mutual interdependence.
Each firm can increase their sales by dropping the price which increases their profits if they cheat.
Joint profits can be maximized by a cartel.
Make price less of an issue with consumers.
Earn normal profits, but not economic profits.
The practice of working with another firm to increase joint profits.
Each firm must consider the reaction of their competitors when it determines its pricing policy.
Firms will produce differentiated products.
When mutual interdependence is present, it means that:
Mutual interdependence.
Each firm can increase their sales by dropping the price which increases their profits if they cheat.
Joint profits can be maximized by a cartel.
Make price less of an issue with consumers.
Earn normal profits, but not economic profits.
The practice of working with another firm to increase joint profits.
Each firm must consider the reaction of their competitors when it determines its pricing policy.
Firms will produce differentiated products.
Members in a cartel have a strong incentive to cheat because
Mutual interdependence.
Each firm can increase their sales by dropping the price which increases their profits if they cheat.
Joint profits can be maximized by a cartel.
Make price less of an issue with consumers.
Earn normal profits, but not economic profits.
The practice of working with another firm to increase joint profits.
Each firm must consider the reaction of their competitors when it determines its pricing policy.
Firms will produce differentiated products.
In the long run, firms in a monopolistically competitive industry:
Mutual interdependence.
Each firm can increase their sales by dropping the price which increases their profits if they cheat.
Joint profits can be maximized by a cartel.
Make price less of an issue with consumers.
Earn normal profits, but not economic profits.
The practice of working with another firm to increase joint profits.
Each firm must consider the reaction of their competitors when it determines its pricing policy.
Firms will produce differentiated products.
Monopolistically competitive firms differentiate their products and advertise to:
Mutual interdependence.
Each firm can increase their sales by dropping the price which increases their profits if they cheat.
Joint profits can be maximized by a cartel.
Make price less of an issue with consumers.
Earn normal profits, but not economic profits.
The practice of working with another firm to increase joint profits.
Each firm must consider the reaction of their competitors when it determines its pricing policy.
Firms will produce differentiated products.
A characteristic of an oligopoly industry is:
Mutual interdependence.
Each firm can increase their sales by dropping the price which increases their profits if they cheat.
Joint profits can be maximized by a cartel.
Make price less of an issue with consumers.
Earn normal profits, but not economic profits.
The practice of working with another firm to increase joint profits.
Each firm must consider the reaction of their competitors when it determines its pricing policy.
Firms will produce differentiated products.
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