Question 2 (1 point) () Listen Answer the next question based on the following payoff matrix for a duopoly in which the numbers indicate the profit in millions of dollars for each firm. Firm A High Price Low Price A = $250 A = $325 B = $250 B = $200 Low Price High Price Firm B A = $200 A = $175 B = $325 B=$175 If firm A adopts the low-price strategy, then firm B would adopt the O A) low-price strategy and earn $175. O B) low-price strategy and earn $325. O C) high-price strategy and earn $250. O D) high-price strategy and earn $200.Question 5 (1 point) Il Which of the following is the best example of an oligopolistic industry? 0 Smartphone Manufacturing O Convenience Stores O Book Publishing O Public Utilities Question 6 (1 point) II A Nash equilibrium occurs if all players in a game play their given what their competitors do. strategies O Minimum Question 7 (1 point) Il Monopolistic competition differs from perfect competition primarily because in _ O Monopolistic competition, firms can differentiate their products. 0 Perfect competition, firms can differentiate their products. O Monopolistic competition, entry into the industry is blocked. O Monopolistic competition, there are relatively few barriers to entry. Question 8 (1 point) I Monopolistic competition is an industry market structure with O Asmall number of firms each large enough to impact the market price of its output O Many firms each too small to impact the market price of its Output. O Many firms each able to differentiate their product. O A single firm in which the entry of new firms is blocked. Question 9 (1 point) I In game theory. the strategy, is the action a player never chooses regardless of the other player's actions. O Dominant 0 Truth O Dominated O Related Question 10 (1 point) I Oligopoly is to analyze because of the interdependence that usually exists among oligopolistic firms. O Impossible O Very easy Question 11 (1 point) I In oligopoly. firms are able to influence price only if the oligopolist's products are differentiated. O are able to influence price only if the oligopolist's products are standardized. by virtue of their size. are able to influence price regardless of whether or not the product is differentiated or standardized. have no influence over price regardless of whether or not the product is differentiated or standardized. Question 12 (1 point) I Which of the following are characteristics of a monopoly market? {Check all that apply.) C] Firms face a downward sloping demand curve C] Firms sell differentiated products C] In the short run. positive economic profit possible C] Firms face a perfectly elastic demand curve C] In the short run. only zero economic profit possible C] Firms are interdependent and behave strategically C] If P