Question 17 (3 points) A market situation in which a large number of firms produ

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Question 17 (3 points)

A market situation in which a large number of firms produce similar but not identical products is called

Question 17 options:

perfectly competitive.

oligopolistic behavior.

pure monopoly.

monopolistically competitive.

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Question 18 (3 points)

A computer game is an example of

Question 18 options:

a credibility product.

an information product.

a public use product.

a capital good.

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Question 19 (3 points)

A game in which any gains by the group are exactly offset by equal losses by the end of the game is called the

Question 19 options:

negative-sum game.

positive-sum game.

cooperative game.

zero-sum game.

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Question 20 (3 points)

Which of the following is NOT a feature of a monopolistically competitive market?

Question 20 options:

advertising

a homogeneous product

differentiated products

numerous buyers and sellers

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Question 21 (3 points)

The number of firms in a monopolistically competitive market means that

Question 21 options:

firms will have a hard time earning non-negative profits since there are many firms in the industry.

each firm has a relatively small share of the total market since there are many firms in the industry.

all firms will have substantial monopoly power since there are so few firms in the industry.

the firms will be likely to collude since there are only a few firms in the industry.

perfectly competitive.

oligopolistic behavior.

pure monopoly.

monopolistically competitive.

Explanation / Answer

17. Monopolistic competition (since these firms sell similar but differentiated products)

18. Public use product (as asnyone can use it without affecting the other)

19. Zero sum games (end game balance is 0)

20. Homogeneous product (the goods sold are differentiated)

21. Each firm has a relatively small share of total market since there are many firms in the industry

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