0 percent increase in sales A2 percent increase in sales A5 percent increase in sales A 0 percent increase in sales Question 6 1 pts Which of the following is a difference between an oligopoly with homogeneous products and a monopoly? The firms in an oligopoly with homogeneous products face stiff competition from their rivals, while there is no competition in a monopoly There are huge barriers to entry in an oligopoly with identical products, while there are no barriers to entry in a monopoly The firms in an oligopoly with homogeneous products earn positive economic profits in the long run, while a monopoly earns zero economic profits in the long run. The firms in an oligopoly with identical products charge a price higher than marginal cost in the long run, while a monopoly charges a price lower than marginal cost in the long run. Question 7 1 pts Mr Smith wants to go on a vacation with his wife, Mrs. Smith wants to go to a beach. He, however wants to go trekking in the hills The payoff matrix given below shows the units of satisfaction derived in each situation. The first number listed in each cell is the payoff to Mr. Smith, and the second number listed is the payoff to Mrs. Smith Mrs. Smith Beach Trek marginal cost in the long run. products charge a price higher than marginal cost in the long run, while a monopoly charges a price lower than Question 7 1 pts ME Smith wants to go on a vacation with his wife, Mrs. Smith wants to go to a beach. He, however, wants to go trekking in the hills. The payoff matrix given below shows the units of satisfaction derived in each situation. The first number listed in each cell is the payoff to Mr. Smith, and the second number listed is the payoff to Mrs. Smith Mrs. Smith Trek Beach 2 Beach 5 Mr. Smith Trek This game has multiple dominant strategy equilibria only one Nash equilibrium only one dominant strategy equilibrium multiple Nash equilibria 1 pts Question 8 Which of the following is a feature of an oligopoly? There are no barriers to entry in this market multiple Nash equilibria Question 8 Which of the following is a feature of an oligopoly? There are no barriers to entry in this market There are a large number of sellers in this market. Each firm's actions affect the decisions of its rivals in this market Each firm in this market earns zero economic profits. A $ 9 a N