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ECO 561 Week 3 Knowledge Check


Published on January 25, 2016

For more course tutorials visit 1. A purely- or perfectly-competitive firm would be characterized by which of the following? 2. For a purely-competitive firm, price must be 3. What will excessive or economic profits induce for a firm in any industry structure? 4. A pure-monopoly firm’s demand curve is also the market demand curve. This kind of firm may successfully engage in price discrimination to increase its total profit if it 5. Oligopolies are characterized by a small number of firms where the top three firms hold the majority of the market. If in an oligopoly market, firm A ia almost twice as big as firm B and firm C then 6. In a monopolistic competiton industry, if one firm appreciably increased its price from the existing equilibrium price, which of the following outcomes would most likely ensue? 7. Which factor charcterizes the competitive relationship between firms in an oligopoly market structure? 8. Unregulated (natural) monopolies maintain their status through a variety of measures. Whether any particular measure can effectively constrain new firms from entering the market depends on

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