Question 1(1 point)

When only a small number of producers compete with each other is a defining characteristic of

a	oligopoly.
b	inelastic supply.
c	monopolistic competition.
d	efficient competition.

Question 2(1 point)

An example of oligopoly is

a	wheat farming.
b	the clothing industry.
c	long-distance telephone service.
d	the restaurant industry.

Question 3(1 point)

Game theory is distinctive in that its elements are

a	costs, prices, and profits.
b	rules, strategies, payoffs, and outcomes.
c	revenues, elasticity, and profits.
d	patents, copyrights, and barriers to entry.

Question 4(1 point)

The prisoners' dilemma describes a single-play game that features

a	a large number of rivals cooperating with each other.
b	a situation in which one player has better odds than the other.
c	an outcome in which the participants collude.
d	two players who are unable to communicate with each other.

Question 5(1 point)

In the prisoners' dilemma game, each player

a	can choose from four strategies.
b	has only one possible strategy.
c	can choose from three strategies.
d	can choose from two strategies.

Question 6(1 point)

The simplest prisoners' dilemma is a game that, in part, requires

a	an oligopoly with a dominant firm.
b	two players who are able to communicate with each other.
c	two players who are unable to communicate with each other.
d	monopolistic competition.

Question 7(1 point)

\fSears Lower prices Don't lower prices Lower 5: $5 millio 5: $1 million Walmart Prices W: $30 million Don't lower 5: 530 millie 5: $20 million prices W:51 million W: $20 millionSears Lower prices Don't lower prices Lower 5: $5 millio 5: $1 million Walmart Prices W: $30 million Don't lower 5: 530 millie 5: $20 million prices W:51 million W: $20 millionMC ATC Price and costs (dollars per unit) MR O 20 40 60 100 120 Quantity (units per day)MC ATC Price and costs (dollars per unit) MR O 20 40 60 100 120 Quantity (units per day)MC ATC Price and costs (dollars per unit) MR O 20 40 60 100 120 Quantity (units per day)MC ATC Price and costs (dollars per unit) MR O 20 40 60 100 120 Quantity (units per day)