Please Read Chapter 10 and Answer the Following Questions

Please read chapter 10 and answer the following questions: 1. (Varieties of Oligopolies) do the firms in an oligopoly act independently or interdependently? Explain your answer. 2. (Price Leadership) why might a price–leadership model of oligopoly not be an effective means of collusion in an oligopoly? * Price leadership practices violate US anti-trust laws. * The more differentiated the product is, the less effective price leadership is as a means of collusion. * There is no guarantee firms will follow the leader forcing the leading firm to reduce prices. * Cheating may occur. * A new entry can destabilize the price leaders position†¦ -If a price leader in an oligopolistic market sets price and output in order†¦show more content†¦If both students sign the statement, each will receive an â€Å"F† for the course. If only one signs, he is allowed to withdraw from the course while the other student is expelled. If neither signs, both receive a â€Å"C† since the professor does not have sufficient evidence to prove cheating. Which outcome do you expect? Why? * Prisoners’ Dilemma†¦ * In this case, both students will probably confess if they’re coherent about life. Why? Because each Student gets a better payoff by confessing no matter what the other the student does. Student #1 thinks, â€Å"I don’t know what student # 2 is going to do, so if I confess it’s the best way to keep myself from getting expelled. If he keeps quiet, I get a â€Å"C†. Yet if he confesses, I get expelled instead of receiving an â€Å"F† for the course.† In other words, confessing is the only way to keep the other Student from being able to get me expelled. 5.(Market Structures) Determine whether each of the following is a characteristic of perfect competition, monopolistic competition, oligopoly, and/or monopoly: a. A large number of sellers /†¦ Perfect competition b. Product is a commodity†¦/ Government Monopoly (Utility) c. Advertising by firms†¦/ Oligopoly d. Barriers to entry†¦ / Monopoly e. Firms that are price makers†¦/a monopoly is a price maker as it holds a large amount of power over the price it charges. 6. OPEC is theShow MoreRelatedWeek Three Discussion1061 Words   |  5 PagesType your name here Before you begin, save this document to your computer. You will need to submit your answers in the area indicated below. | As a member of a medical professional team, you will work closely with many physicians. 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