1. (a) A market has a Herfindahl index of 3000. Is this market competitive, moderately oligopolistic or highly oligopolistic?

(b) According to the kinked demand curve model, will firms engage in price competition or nonprice competition?

(c) Is the price leadership model a model of tacit collusion or explicit collusion?

(d) In the Cournot model, do firms produce standardized or differentiated products?

(e) Are cartels most successful if they are producing standardized or differentiated products?