C) strategies B) in a single-play game but not a repeated game. C) one prisoner has no chance to be acquitted since there is no other prisoner to support his testimony. An oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. b) demand; losses; increase e) price changes are typically expensive, b) product development and advertising are relatively difficult to copy, Oligopolies are not a desirable market structure because they achieve ______. c) A more efficient industry d) Its marginal revenue curve would consist of two segments *speeding up technological progress Price fixing is an agreement between business competitors to increase (very often), reduce (perhaps for a short time), establish, or stabilize (rarely) prices, disregarding the prices governed by the market's flow of demand and supply. a) inelastic C)The sales of one firm will not have a significant effect on other firms. When firm X increases its price. . They may produce homogeneous products or differentiated products. *The firm's demand curve will shift further to the left. E) None of the above. This represents what kind of problem with the four-firm concentration ratio? A) in a single-play game or a repeated game. a) greater than or equal to 40% D) is not; to comply when the other firm complies and to cheat when the other firm cheats The amount of time (in seconds) needed to complete a critical task on an assembly line was measured for a sample of 50 assemblies. An oligopoly exists when a market is dominated by a small number of suppliers or firms. *increasing economies of scale, *providing misleading information Oligopolistic behavior implies that oligopolists prefer competition ______. d) The firms in the industry are interdependent. *To decrease monopoly power The control of oligopolists over specialized inputs, such as resources, price, and production, makes it difficult for a new firm to survive. A) a natural monopoly. Pure because the only source of market power is lack of competition. a) The possibility of price wars diminishes and profits are maximized. 13) Complete the following sentence. c) It will always be kinked because it is a price maker. 21) It is difficult to maintain a cartel for a long period of time. It is assumed that all of the sellers sellidentical or homogenous products. It also means that each firm must be aware of the reaction of others to their actions. It is difficult to enter an oligopoly industry and compete as a small start-up company. c) They lose most of their excess-production capability. c) Affect costs and influence the supply of rival firms B) a contestable market. a) They may produce homogeneous or differentiated products. It is one of the four market structures that include perfect competition, monopoly, and monopolistic competition. Furthermore, no restrictions apply in such markets, and there is no direct competition. E) an outcome. However, at this price profit of firm B is not maximized.The profit-maximizing price of firm B isPB (>PA) and the quantity is Xbe (