'11). Looking at a rm, in a competitive oligopoly market, selling at a price eg. of 50 and quantity per minute sold is 600; if the rm were to increase price, What area(s) represent loss and gain of TR. P b c I 50 P" ' d e f '~ i g h r . Q\" Q 600 _ .D/AR Answer: '12. In an oligopoly with a collusive agreement, the total industry profits will be smallest when A. the firms act as a monopoly. B. all rms comply with the agreement. C. all firms cheat on the agreement. D. one rm cheats on the agreement and the other firms do not cheat '13. What is Dominant Strategy b. a strategy when there is underproduction relative to demand 6. a strategy that limit supply to decrease prices. d. a strategy used when a player choice of strategy doesn't depend on the other player's strategy. a. a strategy where samples are given away for free and money is never exchanged