$11.$ Which statement about the Competition Act is correct?a$.$ It was passed to encourage judicial leniency in the review of cooperative agreements.b$.$ It was concerned with self$-$interest dominated Nash equilibriums in prisoners' dilemma games.c$.$ It enhanced the ability to enforce cartel agreements.d$.$ It restricted the ability of competitors to engage in cooperative agreements$\mathrm{.}12.$ What is an oligopoly?a$.$ a market in which there are only a few sellers, each offering a product similar or identical to the othersb. a market in which firms are price takers and do not advertisec. a market in which firms are price takers and advertised. a market in which the actions of one seller in the market have no impact on the other sellers' profits$13.$ What is the general term for market structures that fall somewhere in between monopoly and perfect competition?a$.$ incomplete marketsb. imperfectly competitive marketsc. oligopoly marketsd. monopolistically competitive markets$14.$ For a market that is characterized by imperfect competition, what do we know?a$..$Firms are price takers.b$.$ There are generally a large number of firms.c$.$ There are at least a few firms that compete with one another.d$.$ The actions of one firm in the market no impact on the other firms' profits$\mathrm{.}15.$ What are the two types of imperfectly competitive markets?a$.$ monopoly and monopolistic competitionb. monopoly and oligopolyc. monopolistic competition and oligopolyd. monopolistic competition and cartels$16.$ For markets characterized by oligopoly, what do we know?a$.$ The oligopolists are best off cooperating and behaving like a monopolist.b$.$ Collusive agreements will always prevail.Collective profits are always lower with cartel arrangements than they are without cartel arrangements.d$.$ Pursuit of self$-$interest by profit$-$maximizing firms always maximizes collective profits in the market$\mathrm{.}17.$ What is one characteristic of an oligopoly market structure?a$.$ Firms in the industry are typically characterized by very diverse product lines.b$.$ Firms in the industry have some degree of market power. c$.$ Products typically sell at a price that reflects their marginal cost of production.d$.$ The actions of one seller have no impact on the profitability of other sellers$\mathrm{.}18.$ The typical firm in the economy has which characteristic?a$.$ It has some degree of market power.b$.$ It sells its product for a price that is equal to the marginal cost of producing the last unit.C$.$It is perfectly competitive.It is a monopoly$\mathrm{.}19.$ If there are many firms participating in a market, what could the market be$?$ a either an oligopoly or monopolistically competitive b$.$either perfectly competitive or monopolistically competitivec. either an oligopoly or perfectly competitived. perfectly competitive only$20.$ Once a cartel is formed, what in effect serves the market?a monopolyb.an oligopoly imperfect competition monopolistic competition