Question 22 (3 points) In a zero-sum game Question 22 options: both players are
ID: 1211236 • Letter: Q
Question
Question 22 (3 points)
In a zero-sum game
Question 22 options:
both players are worse off at the end of the game.
one player's losses are exactly offset by another player's gains.
both players are better off at the end of the game.
both players collude to make both of them better off.
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Question 23 (3 points)
A market situation in which a large number of firms produce similar but not identical products is
Question 23 options:
competitive monopoly.
a homogeneous market.
monopolistic competition.
a collusive market structure.
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Question 24 (3 points)
In a monopolistically competitive market, entry into the industry
Question 24 options:
is blocked.
is as difficult as entry into a monopoly.
is difficult due to extensive government regulation.
is relatively easy.
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Question 25 (3 points)
For a monopolistically competitive market, the number of firms in the market implies that
Question 25 options:
all firms will make losses.
firms will collude to set monopoly price and output.
each firm acts independently of other firms.
each firm faces a perfectly elastic demand.
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Question 26 (3 points)
The main objective of advertising for a monopolistically competitive firm is
Question 26 options:
to earn long run profits.
to differentiate the product and boost demand.
to reduce cost.
none of the above.
both players are worse off at the end of the game.
one player's losses are exactly offset by another player's gains.
both players are better off at the end of the game.
both players collude to make both of them better off.
Explanation / Answer
22: one player's losses are exactly offset by another player's gains
23 monopolistic competition.
24 is relatively easy.
25 each firm acts independently of other firms
26 to differentiate the product and boost demand.
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