1. Cartels provide uniform management, but none of the advantages of economies of scale. a. true...

1. Cartels provide uniform management, but none of the advantages of economies of scale.

a. true

b. false

2. Price leadership may sometimes be an example of covert collusive behavior by oligopolies.

a. true

b. false

3. An oligopoly will always use game theory to maximize sales rather than profits.

a. true

b. false

4. Under perfect competition and monopolistic competition, profits are zero in long-run equilibrium.

a. true

b. false

5. The entry of new firms into a monopolistically competitive industry will cause the long-run equilibrium price to rise.

a. true

b. false

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Expert Solution

Rahul Sunny answered 1 year ago

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