Econ 105: Ch 10

__________________ occurs when circumstances have allowed several large firms to have all or most of the sales in an industry.

_________________ arises when firms act together to reduce output and keep prices high.

The perceived demand curve for a group of competing oligopoly firms will appear kinked because of their commitment to:

A ___________ refers to a group of firms colluding with one another to produce at the monopoly output and sell at the monopoly price.

Perfect competition and monopoly stand at _______________________ of the spectrum of market structure.

Shopping malls typically lease retail space to many clothing stores. When this group of retailers competes to sell similar but not identical products, they engage in what economists call __________________________________.

If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms,

The demand curve as perceived by a monopolistic competitor is ______________________.

The first step to be take by a profit-maximizing monopolistic competitor trying to decide what price to charge is to...

If the firm is producing at a quantity of output where marginal revenue exceeds marginal cost, then:

Through the process of exit, in the long run, monopolistically competitive firms remaining in the market:

When entry occurs in a monopolistically competitive industry,

If each of the two competing monopolists undertakes equal efforts to attract consumers away from the other, the total result is:

The single most common form of competition in the U.S. is: