1a) the demand curve facing a monopolist faces is: a.the same as the demand curv

ID: 1114513 • Letter: 1

Question

1a) the demand curve facing a monopolist faces is:

a.the same as the demand curve facing a perfectly competitive firm

b. positively sloped as it produces a highly differentiated product

c. vertical as there are no close substitutes for its product

d. the same as the market demand curve

e. perfectly price inelastic

1b)the prisoners dilemma is a situation in which

a.players have difficulty in choosing a strategy based on trust

b.a firms competition ignore the firms action while making their own decision

c. oligopolists behave irrationally

d. oliogpolists attempt to maximize sales rather than profits

e. an oligopoliss demand curve becomes perfectly inelastic

1c) unions can increase their wage rates by:

a.increasing the supply of union labor

b.decreasing the demand for union labor

c. using the threat of a strike

d. decreasing the proportion of union workers in an industry

e. decreasing the demand for the product produced by members

1) ans is D

Monopolist faces the same demand curve as market demand curve because monopolist is a single seller.

1b) ans is A

Prisoner dilemma is a situation in which player have difficulty in choosing a strategy and end up a pareto inefficient outcome.

1c)ans is C

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