Answer to Question #52966 in Microeconomics for Yana

Question #52966
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.
Expert's answer
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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