If Firms in an Industry Make Output Decisions That Are

question 13

Multiple Choice

If firms in an industry make output decisions that are partially based on the price and output decisions of their competitors, then these firms are in _______ market and have _______ with the other firms in the market.

• A) an oligopoly or monopolistically competitive; interdependence
• B) a monopolistically competitive; no interdependence
• C) an oligopoly; no interdependence
• D) an oligopoly; interdependence

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Definitions:

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A system of classifying people based on race, in which races are placed in a hierarchy of superiority and inferiority, historically used to justify unequal treatment and discrimination.

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The study of human societies, cultures, and their development.

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A prominent American clergyman in the late 19th century, known for his support of American imperialism and evangelical Protestant views.