A monopolistically competitive market can also be:
A. an oligopoly.
B. a monopoly.
C. perfectly competitive market.
D. All of the above.
Answer: A
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Which of the following measures are government regulations to increase competition?
A) Government ends the ban on steel imports. B) Government shortens the term of the patent for a drug. C) Government subsidizes firms to enter energy market. D) All of above.
Gross domestic product (GDP) does not include:
a. used goods sold in the current time period. b. foreign produced goods. c. intermediate as well as final goods. d. None of these would be included.
If a monopolist's marginal revenue is $35 per unit and its marginal cost is $25, then
A) to maximize profit the firm should increase output. B) to maximize profit the firm should decrease output. C) to maximize profit the firm should continue to produce the output it is producing. D) Not enough information is given to say what the firm should do to maximize profit.
In a simultaneous move game, the number of possible pure strategies a player can play is equal to the number of actions he can choose to take.
Answer the following statement true (T) or false (F)