1. The economists who believed in ignoring interdependence as an approach to determine the price and
output under Oligopoly is/are

2. The Indeterminateness of the DD curve facing the firm is in the ___________ market Structure.

3. Which of the following assumes that each duopolist believes that regardless of his actions and their effect
upon market price of the product, the rival firm will keep its output constant.

4. According to __________, maximisation of joint profits and stable equilibrium are achieved by the
oligopolists even though they act in a non-collusive manner.

5. In a Stackelberg duopoly, how does the leadership-follower dynamic work?

6. What advantage does the leader firm have in a Stackelberg duopoly?
a. Higher market share
b. Lower production costs
c. First-mover advantage
d. Collusive pricin power

7. Given the demand function, P = 60 — Q, and the two firms 1 and 2 in an industry producing a product.
Marginal cost of production of each firm is zero. Suppose firm 1 behaves as a Stackelberg's leader, the
output produced by firm 1 is _________ .

8. In a Cournot duopoly model, the two producers together will produce total output equal to _________ of Market DD.

9. In the Ricardian theory of distribution, which factor of production is considered to receive its reward
in the form of rent?

10. According to Marxian theory of distribution, what is the primary source of value creation in a
capitalist system?