Question: 33) A monopolistic competitive market has the following characteristics EXCEPT: 33)
A) the product is homogeneous. B) no barriers to entry.
C) many sellers. D) relatively elastic demand.
35) Which of the following characteristics is shared by both monopolistically competitive markets and
perfectly competitive markets?
A) firms face downward sloping demand curves
B) identical products across sellers
C) small number of interdependent sellers
D) no barriers to entry
36) Which of the following characteristics is shared by both monopolistically competitive markets and
A) free entry
B) Firms are price takers.
C) Firms face downward sloping demand curves.
D) identical products across sellers
55) A cartel is: 55)
A) another word for a duopoly.
B) a group of firms that coordinate their pricing decisions.
C) a type of oligopoly in which the demand curve is "kinked."
D) a group of firms that all produce the same level of output.
60) What is a prisoners' dilemma? 60)
A) a game in which prisoners are stumped because they cannot communicate with each other
B) a game that involves no dominant strategies
C) a game in which players collude to outfox authorities
D) a game in which players act in rational, self-interested ways that leave everyone worse off Edit
Answer: 33. A
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