A long term goal of the EU member countries is to integrate their economies into a single economic entity with a common currency as well as common trade policies and internal factor mobility

A major characteristic of the theory of oligopoly is that:

a. there are no real-world examples. b. the reactions of each firm depends on how the firm believes rivals will react. c. in reality few oligopolies survive more than 10 years. d. none of these.

If the firms in a monopolistically competitive market are earning short-run economic profits, then

a. each existing firm will increase output in the long run as its marginal revenue curve shifts rightward b. each firm will experience an increase in the demand for its output in the long run c. each firm's profit will drop to normal in the long run as its demand curve shifts leftward due to entry of new firms d. barriers to entry will enable them to earn economic profits in the long run e. decreased demand for a key input will reduce that input's price in the long run and lower each firm's average total cost curve