True OR false? 1) A collusion in an oligopolistic market will be successful if t

Question

True OR false?

1) A collusion in an oligopolistic market will be successful if the collusion involves only few firms.

2) Advertising is an important feature in monopolistic competition.

3) In the long run, monopolistically competitive firms make normal profits and operate at the minimum point of their average total cost curve.

4) In the long run, a monopolistically competitive firm operates like a monopoly.

5) The antitrust laws are designed to promote monopolization of business.

6) Compared with a perfectly competitive firm in long-run equilibrium, a monopolistically competitive firm will operate at the minimum of its ATC curve.

7) Significant barriers to entry exist in monopolistically competitive markets.

8) The quantity produced in monopolistic competition is greater than the ouput produced in oligopolistc market.

9) The monopolistically competitive firm will charge a price above its marginal cost.

10) Strategic interdependence is an important factor in both oligopolies and monopolistically competitive markets.

Explanation / Answer

Ans.1 Yes

Ans 2 False (Adverising is an importnt part in oligopoly)

Ans.3 True

Ans. 4 False

Ans. 5 False

Ans.6 True

Ans.7 False

Ans.8 False

Ans.9 True

Ans. 10 False (only in oligopoly)

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