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Matching Post Quiz
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Match the correct answers below.
1


Calculated by summing the squares of the percentage market shares of all the participants in an industry.

2


The situation where each firm's business depends upon the behavior of its rivals.

3


Sold by firms under monopolistic competition.

4


The percent of total industry production that is accounted for by the largest eight firms.

5


An organization of independent firms, producing similar products, that work together to raise prices and restrict output.

6


Entry and exit are easy in this market structure.

7


The results of imperfect competition.

8


The situation where two or more firms set their prices and output according to a plan agreed upon between them in order to divide the market amongst themselves.

9


A long-run result of monopolistic competition.

10


Attained when oligopolists collude.

11


The Herfindahl-Hirschman Index for a monopoly.

12


The degree of control that a single firm or small number of firms has over the price and production decisions in an industry.

13


The selling of the same product to different buyers at different prices.

14


Occurs when firms cannot capture the full monetary value of their inventions.

15


A temporary monopoly created to encourage research and development.

16


The losses in real income associated with monopolies, tariffs and quota, taxes, and other distortions.

Answer choices for questions 1 through 16
A)10,000
B)Cartel
C)Poor quality and high prices
D)Market power
E)Patent
F)Strategic interaction
G)Zero profits
H)Eight-firm concentration ratio
I)Price discrimination
J)Inappropriability
K)Herfindahl-Hirschman Index
L)Monopolistic competition
M)Collusion
N)Deadweight losses
O)Differentiated products
P)Monopoly profit





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