1.Clorox is a large corporation and a brand of bleach. There is some differences (how much it is watered down) in brands but it is still bleach. There are economies of scale to produce bleach and there are many firms that can produce it. Clorox is best described as a ... market

a)perfect competition

b)monopolistic competition

c)oligopoly

d)monopoly

2.Department stores may not be considered an oligopoly but if Kohl's clothing store hands out lots of "Kohl's Cash" and you have a lot of it, it does increase the switching costs of shopping elsewhere.

3.In an oligopoly market (2 firms) that can be described with "kinked demand" model, which is true?

a)It tends to describe markets where the two firms are constantly changing the price.

b)If one firm raises its price the other firm is unlikely to copy the action.

c)If one firms lowers its price the other firm is unlikely to copy the action.

4.Which markets do firms charge a price greater than marginal cost? Select all correct answers.

a)perfect competition

b)monopolistic competition

c)oligopoly

d)monopoly