Which of the Following Is NOT a Feature of Sweezy

question 117

Multiple Choice

Which of the following is NOT a feature of Sweezy oligopoly?

• A) There are few firms in the market serving many consumers.
• B) The firms produce homogeneous products.
• C) Each firm believes that rivals will cut their prices in response to a price reduction, but will not raise their prices in response to a price increase.
• D) Barriers to entry exist.

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Definitions:

Classical Conditioning

A method of learning through the recurrent association of two stimuli; a reaction that starts with the second stimulus is finally instigated by the first stimulus alone.

Operant Behavior

Behavior that is controlled or influenced by its consequences, including rewards and punishments.

Generalization

The process of applying the response to a specific stimulus to similar stimuli, often used in learning and psychology.

Spontaneous Recovery

A response that had once disappeared reemerges after a time without being exposed to the original conditioned stimulus.