Answer to Question #52966 in Microeconomics for Yana

Question #52966
MULTIPLE CHOICE 1. Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product? a. Perfect competition. b. Monopoly. c. Oligopoly. d. Cartel. e. Monopolistic competition. 2. The purpose of a cartel is to: a. promote product innovation. b. increase market competition. c. act like a monopoly. d. diversify operations. e. decrease market concentration. 3. When the player of a game chooses a dominant strategy: a. it is the best strategy only if other players are cooperative. b. it always leads to a Nash equilibrium that makes all players equally well off. c. the game can never reach a Nash equilibrium. d. it is the best strategy regardless of choices made by other players.
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Expert's answer
2015-07-27T00:00:43-0400
1. d. Cartel.
2. c. act like amonopoly.
3. d. it is the beststrategy regardless of choices made by other players.

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