1. If an industry is monopolistic competition

2. A firm in monopolistic competition is trying to decide whether or not to differentiate its  product by staying open 24 hours. The firm should

3. If an industry is an oligopoly, then there

4. For which market structure does the firm face a downward sloping demand curve?

5. For which market structure would a firm be least likely to advertise?

6. If firms in an industry form a cartel, the industry will sell a ________ quantity and charge a ________ price than if the firms in the industry act independently

7. The four-firm concentration ratio is a measure of

8. For which market structure is a firm's demand curve NOT influenced by the firm's own actions or the actions of competitors?

9. There are one large and two small car dealerships in a town. The large dealer begins selling cars way below cost in an attempt to drive the small dealerships out of business. Once they are out of business, the large dealership knows it can raise prices high since it won't have any competition. This is an example of

10. The U.S. Department of Justice will not allow a merger if

11. The two hospitals in your town merge. This is an example of

12. A company that makes golf balls purchases the company that makes the rubber that forms the center of a golf ball. This is an example of

13. The demand curve is called a residual demand for

14. Joseph Schumpeter hypothesized that we would see the most innovation in industries characterized by

15. If a firm in monopolistic competition engages in price discrimination, they want to