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13. If an oligopolistic firm decides to raise its price.A. other firms will automatically followB. none of the other firms will followc. other firms may follow if it is the price leaderD. only some of the firms will follow
14. The main difference between perfect competition and monopolistic competition isA. the number of sellers in the marketB. the ease of exit from the marketC. the degree of information about the market priceD. the degree of product differentiation
15. Prices under an ideal cartel situation will be equal toA. monopoly pricesB. competitive pricesC. prices under monopolistic competitionD. marginal cost
16. Price discrimination exists whenA. two different sellers charge different prices for the same productB. one company sells identical products in different markets at different pricesC. the ratio of price to marginal cost differs for similar productsD. both B and C
17. If a product which costs $8 is sold at $10, the mark-up isA. $2B. 25%C. 20%D. none of the above
18. In finance, risk is most commonly measured byA. the probability distributionb. the standard deviationC. the average deviationD. the square root of the standard deviation
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