(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) If the industry has constant costs

(B) If the industry has decreasing costs

(C)If the industry has increasing costs

(D)Never

(A) Perfect Competition

(B)Pure Competition

(C)Imperfect Competition

(D)Monopoly

(A) Different

(B)Uniform

(C)Very high

(D)Very low

(A) It means that a market economy will fail to secure economic efficiency

(B)It means that a market economy will fail to secure Pareto - efficiency

(C)It means that a market economy will fail to secure productive efficiency

(D)It means that a market economy will fail to secure technical efficiency

(A) It faces a downward sloping demand curve

(B) It demand curve , and those for its competitor, may all be in different positions

(C) Its will produces at the output where it MR and SMC curves intersect, provided it would make either a profit or a loss that was less than its total fixed cost

(D)It supply curve is part of its marginal cost curve

(A) Perfect Competition

(B)Monopoly

(C) Duopoly

(D)Oligopoly

(A) A situation where each player adopts their dominant strategy

(B)A situation where each player adopts the best strategy for them , given the strategy adopted by the other

(C)A situation where the combined pay offs of the players is the maximum possible

(D)The outcome that will arise in a game

(A) Perfect Competition

(B) Imperfect Competition

(C)Short Period

(D)Very short Period

(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