A) 38% B) 1.75% C) 0.4% D) 20% 15. Which of the following statements is not corr

Question

A) 38% B) 1.75% C) 0.4% D) 20% 15. Which of the following statements is not correct? A) The competitive firm produces where P-MC. B) The monopolist produces where MR-MC. C) The competitive firm produces where MR MC. The monopolist produces where PrMc. 16. Which of the following statements is not correct? A) Monopolistic competition is different from monopoly because monopolistic competition is characterized by free entry, whereas monopoly is characterized by barriers to entry B) Both monopolistic competition and oligopoly fall in between the more extreme market structures of competition and monopoly. C) Monopolistic competition is different from oligopoly because each seller in monopolistic competition is small relative to the market, whereas each seller can affect the actions of other sellers in an oligopoly. D) Both monopolistic competition and perfect competition are characterized by product differentiation. C17. Imperfectly competitive firms are characterized by A) horizontal demand curves. B) standardized products. C)price making ability. D) a large number of small firms.

Explanation / Answer

22) (10,10) because gotal profit is maximised and total profit=96. Thus answer is A

20)B. He will cooperate until the other player dont deviate. Thus produce low output and then produce the output of rival previous period output.

16)D. Because in perfect competition product is homogenous whereas in monopolistic product is differentiated

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