1) For an oligopolistic firm, which of the following can be identified as a strategy? a. All of above. b. Raise the price if the rival raises the price, keep the current price if the rival lowers its price. c. Produce 10,000 units regardless of what the rivals do. d. Advertise if the rival advertises, do not advertise if the rival does not advertise. 2) Monopolistically competitive firms face downward sloping residual demand curves because these firms a. sell homogenous products. b. None of the answer are correct. c. free entry and exit d. have relatively few rivals (compared to competition)