According to William Shepherd's Examination of Competitive Trends in the U.S.economy

question 78

Multiple Choice

According to William Shepherd's examination of competitive trends in the U.S.economy, a tight oligopoly

• A)is a single firm that controls the entire market and can block entry
• B)is an industry in which the top four firms supply more than 60 percent of the market, have stable market shares, and cooperate with each other
• C)is an industry in which the top four firms supply more than 60 percent of the market, have unstable market shares, and do not cooperate with each other
• D)is an industry in which a single firm has over half the market share and no close rival
• E)is an industry in which a single firm has over one-third of the entire market, the market share is stable, and the firm cooperates with other firms in the industry

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Definitions:

Oreos

Oreos are a popular brand of sandwich cookies consisting of two chocolate wafers with a sweet cream filling in between.

Apples

Edible fruits produced by an apple tree, characterized by their sweet taste and used in a wide variety of foods and drinks.

Indifference Curve

A graph showing a combination of two goods that give a consumer equal satisfaction and utility, thereby indicating the consumer's preferences.

Burgers

A type of sandwich consisting of one or more cooked patties of ground meat, usually beef, placed inside a sliced bread roll or bun.