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Session 4 Quiz DUE Sunday June 4 Quiz Instructions Question 1 2 pts An industry that is dominated by a few large firms is typically characterized as having an ______________ market structure. monopolistic competition monopoly perfect competition oligopoly Question 2 2 pts A strategy that can be followed to drive firms out of an industry and/or scare off potential entrants to maintain market power of large firms is: average cost pricing marginal cost pricing predatory pricing all the answers are correct Question 3 2 pts A formal organization of firms that organize to collude is known as a: union cartel cooperative trade pact Question 4 2 pts ________________pricing is a method of setting price by calculating the average cost of production and adding a percentage above the cost. fixed pricing average cost pricing Markup pricing marginal cost pricing Question 5 2 pts If a firm wishes to practice price discrimination and has the market power to do so, it still must prevent resale between the different groups of customers. True False Question 6 2 pts Price discrimination based on economic concepts is a legal strategy that can help firms gain profits. True False Question 7 2 pts Cartels typically fail as a strategy to raise prices due to: the difficulty of communication between firms. the incentive for individual members to cheat on the agreement. the lack of information about different firms. members failure to undrstand the agreement. Question 8 2 pts OPEC is perhaps the most famous long-running cartel. It has been very successful in controlling world oil production. True False Question 9 2 pts A prime example of an industry that is characterized as an oligopoly is the carbonated soft drink industry. True False Question 10 2 pts Oligopoly is the market structure where individual firms have the greatest market power. True False