(A) Price leadership is a form of tacit collusion

(B)With dominant price leadership the leader in an industry is the biggest firm

(C) With barometric price leadership the leader may change even if the relative size of each firm stays the same

(D)Price leadership breaks down if input prices or demand conditions change

(A) There might be inefficiency in production

(B)There might be inefficiency in consumption

(C) It might be possible to make one person better off without making another person worse off

(D)There might be considerable inequality of income among the country's citizens

(A) Firms in these industries may attempt to cooperate

(B)The fact that there is more than one firm in an monopoly means that there are no barriers to entry

(C)The fact that there is more than one firm in an oligopoly means that there are no barriers to entry

(D)An oligopoly with two firms is called a duopoly

(A) Perfect Competition

(B)Pure Competition

(C)Imperfect Competition

(D)Monopoly

(A) Short Period

(B)Long Period

(C) Very long Period

(D)International

(A) The firm will sell its product at the going market price

(B)The demand curve faced by the firm is downward sloping

(C)The demand curve faced by the firm is horizontal even though the market demand curve is downward sloping

(D)The firm would sell nothing if it set a higher price than the market price

(A) High

(B)Low

(C) Normal

(D)Constant

(A) Different

(B)Uniform

(C)Very high

(D)Very low

(A) Perfect Competition

(B)Monopoly

(C) Duopoly

(D)Oligopoly

(A) Competition

(B)Time Period

(C)Legality

(D)Area