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6. Which characteristic does monopolistic competition NOT have in common with perfect competition? A. Products of individual firms are different B. Entry and exit are easy. C. Individual firms earn normal profits in the long run. D. Each firm has an insignificantly small market share. ceeeee 6 7- In the graph below: Profit is represented by the rectangle: A. HIKI B. HIMO . JKMO D. HIKM 8- Before deciding on a pricing strategy, Worldwide Widgets consults with its market intelligence team to understand what discounts the Gargantuan Gizmo Company is offering. The model that BEST fits this industry is: A. pure competition. B. monopolistic competition. C. an oligopoly D. a monopoly 8- Before deciding on a pricing strategy, Worldwide Widgets consults with its market intelligence team to understand what discounts the Gargantuan Gizmo Company is offering. The model that BEST fits this industry A. pure competition. B. monopolistic competition. C. an oligopoly D. a monopoly 9- A Nash equilibrium: A. can be found only in positive-sum games. B. assumes that each player chooses his or her best strategy C. involves a zero-sum game scenario. D. assumes that some players are better equipped to strategize. 10.(Table) Based on the game table, what is the Nash equilibrium? JetBlue High Low Delta High 700, 100 600, 200 Low 550, 70 500, 80 A. B) Delta = high; JetBlue = high Delta = high; JetBlue - low Delta-low: JetBlue - high Delta - low; JetBlue - low

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