1.If two firms are competing, and they can easily change the quantity of output, then what model is appropriate?

Cournot Duopoly

Bertrand Duopoly

Perfect competition

Monopolistic Competition

2.Differentiated products allow firms competing in a Bertrand Oligopoly to:

Steal business more effectively

Have identical demand curves

Charge a markup over marginal cost

3.Which of the following would cause higher concentration (select all that apply)?

A larger MES in the production technology

Easy entry into the market

Smaller number of firms

Larger number of firms