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UNT ECON 1100 EXAM 3 COMPREHENSIVE MICROECONOMICS TEST 2026 COMPLETE QUESTIONS AND ANSWERS

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UNT ECON 1100 EXAM 3 COMPREHENSIVE MICROECONOMICS TEST 2026 COMPLETE QUESTIONS AND ANSWERS

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UNT ECON 1100 EXAM 3 COMPREHENSIVE
MICROECONOMICS TEST 2026
COMPLETE QUESTIONS AND ANSWERS

◉ Characteristics of Oligopolies
Answer: 1. Barriers to entry
2. Mutual interdependence - what one firm does the other follows
3. Highly concentrated- sales are accounted for by few firms


◉ concentration ratio
Answer: the % of total industry sales accounted for by few large
firms


◉ 3 models of oligopoly
Answer: 1) Cartel
2) Price Leadership
3) Game Theory


◉ price leadership
Answer: smaller firms match their prices to the bigger/larger more
dominant firm ex: general motors and the price of steel

, ◉ Cartel
Answer: a formal organization of producers that agree to coordinate
prices and production ex:opec


◉ Game theory
Answer: Evaluates alternate strategies when outcome depends not
only on each individual's strategy but also that of others. ex: walmart
and target


◉ Nash Equilibrium
Answer: a situation in which each firm chooses the best strategy,
given the strategies chosen by other firms
ex: Walmart and Target in notes


◉ Price matching
Answer: matching prices with another company in order to attempt
to maximize profits.


◉ HHI (Herfindahl-Hirschman Index) formula
Answer: = (100 x market share of each)²


◉ In Labor Markets

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