One difference between a perfectly competitive market and a monopolistically competitive market is that
A) there is no product differentiation in monopolistic competition.
B) there are no barriers to entry in monopolistic competition.
C) there is no product differentiation in perfect competition.
D) there is strategic interaction among firms in monopolistic competition.
E) there are no barriers to exit in monopolistic competition.
Ans: C) there is no product differentiation in perfect competition.
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A firm's total fixed cost (TFC) is a cost
A) it is certain ("fixed") that the firm must pay. B) that does not change as output changes. C) that is dependent on marginal cost. D) that is paid in only the long run.
Refer to the above payoff matrix (in years of sentence) for two people (A and B) charged for robbery. Which of the following is the outcome of the dominant strategy without cooperation?
A) Both A and B confess. B) Both A and B do not confess. C) A confesses while B does not confess. D) A does not confess while B confesses.