Which statement concerning monopolistic competition is false?
A. Long-run equilibrium under monopolistic competition and pure competition both entail zero economic profits for firms
B. Monopolistic competition is likely to result in a greater variety of product brands than pure competition
C. The monopolistic ally competitive demand curve is more elastic than the demand curve facing a monopoly
D. Long-run equilibrium in monopolistic competition does not entail any economic inefficiency because of easy entry and exit
D. Long-run equilibrium in monopolistic competition does not entail any economic inefficiency because of easy entry and exit
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When total revenue remain unchanged when there is a change in price, demand is
A) unit-elastic. B) inelastic. C) elastic. D) not related.
Refer to the payoff matrix below.Player 1Player 2??t1t2t3?S120,015,15,-100?S220,20010,05,-50Which of the following pairs of strategies constitutes a Nash equilibrium of the game?
A. S1, t2 and S2, t1 B. S1, t1 C. S1, t2 D. S2, t1