1 1 point Which of the following ranks market structures from most competitive to least competitive? Perfect Competition, Oligopoly, Monopoly Perfect Competition, Monopoly, Oligopoly Oligopoly, Monopoly, Perfect Competition Monopoly, Oligopoly, Perfect Competition 2 1 point If the quantities that firms are producing are not at the intersection of their reaction functions, then at least one firm has an incentive to change the quantity that it is producing. True False 3 1 point In a market where there is a price leader: All firms are of the same size O Firms will be charging different prices for the same product O Smaller firms are price takers and have to charge what the price leader is charging 4 1 point The optimal price and quantity for a cartel are equal to what a monopolist would have chosen in that market. O True False 5 1 point Oligopoly markets have: O Small number of firms and low barriers to entry Large number of firms and high barriers to entry Small number of firms and high barriers to entry O Large number of firms and low barriers to entry 6 1 point Cartels are legal in all countries. True False