Oligopoly Differs from Perfect Competition and Monopolistic Competition in That

question 5

Multiple Choice

Oligopoly differs from perfect competition and monopolistic competition in that

• A)barriers to entry are lower in oligopoly industries than they are in perfectly competitive and monopolistically competitive industries.
• B)demand and marginal revenue curves are more useful for analyzing oligopoly than they are for analyzing perfect competition and monopolistic competition.
• C)because oligopoly firms often react when other firms in their industry change their prices, it is difficult to know what the oligopolist's demand curve looks like.
• D)the concentration ratios of oligopoly industries are lower than they are for perfectly competitive and monopolistically competitive industries.

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Definitions:

Right-Wing Authoritarianism

A personality and ideological framework characterized by adherence to conventionalism, authoritarian submission, and authoritarian aggression.

Social Dominance Orientation

A personality trait which predicts social and political attitudes, and is characterized by a preference for hierarchy within any social system.

Socially Deviant

Behavior that violates the normative rules, understandings, or expectations of a society or a social group.

Social Dominance Orientation

A personal disposition characterized by the desire for one's in-group to dominate and be superior to out-groups.