Choose the correct answer
1. The ability for a monopoly firm to increase its price depends mainly on?
A.) the number of firms in the industry
B.) the more price elastic its goods/service is
C.) The less elastic its goods/services
2. To be able to charge different prices for a good/service a firm must
A.) Control a significant amount of industry
B.) Price Elasticity for its goods/services must vary between locations
C.) The goods can't be resold from one location to another
3. Which of the following circumstances in an industry will result in a Nash Equilibrium
A.) All firms have a dominant strategy and each firm chooses its dominant strategy
B.) All firms have a dominant strategy but only some firms choose it
C.) All firms have a dominant strategy but none choose it
D.) None of the above is correct
4. The economic system that operate mainly on market forces is
A.) Capitalist
B.) Planned Economy
C.)Free market
D.) A and C
E.) All of the above
5. Anti Trust policy are designed for which of the following
A.) Give monopoly as much profit as they want to make
B.) Distribute the profits of an industry among its firms
C.) Ensure competition among firms in the industry
D.) Regulate large firm so that they do monopolize their market