Solved by verified expert :66)
In oligopoly the actions of one firm has a perceptible affect on the other
firms.
67)
The higher the Herfindahl-Hirschman Index, the more firms there are in a
market.
68)
Market power is the power to produce at the lowest cost.
69)
Even though in oligopoly the actions of one firm has a perceptible effect on
the other firms, oligopoly firms act independently.
70)
Because in oligopoly the actions of one firm has a perceptible affect on the
other firms, oligopoly firms act strategically.
71)
A duopoly is an industry with two firms in it.
72)
A dominant strategy is one that is best no matter what the other player(s) do.
73)
A dominant strategy is one that always produces the maximum profits for both
firms.
74)
Suppose that Jack promises that if Jill chooses the high price, he will too.
Jack has an incentive to cheat on the agreement.
75)
Suppose that Jack promises that if Jill chooses the high price, he will too.
Jill has no incentive to cheat on the agreement.
