One of the identifying characteristics of by Prof. Frank Levy @Harvard

Question 43 / 43: One of the identifying characteristics of oligopoly is sticky prices. When economists

state that prices are sticky with respect to oligopolistic industries, they mean that:

A prices are set by the market rather than the firm or, in other words, the firm is a price-taker
rather than a price-setter.

B the oligopolist sets product prices so that profits are maximized at all times.

C prices are less responsive to changes in demand in oligopolies than in perfectly competitive
markets.

D oligopolies practice predatory pricing, so competition in the market is reduced.

E prices are less responsive to changes in costs, either input prices or technology, than in
perfectly competitive markets.

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Microeconomics Practice MCQ

Author:

Prof.Frank LevyLecturer

Harvard Medical School

USA

Access: Public Instant Grading

Attribution: Levy, Frank. 11.203 Microeconomics, Fall 2010. (MIT OpenCourseWare: Massachusetts Institute of Technology), http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010 (Accessed 13 Mar, 2014). License: Creative Commons BY-NC-SA

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