(25 points) Fill in the blank Please fill in the following blanks with one of the words/phrases from the word bank Not all words/phrases will be used and they can be used more than once. Word/phrase Bank Price Identical One Sequential move Demand Two Differentiated Simultaneous move Total revenue A few Backwards induction A unique Marginal revenue Many Nash equilibrium A popular Total cost Decision tree Dominate Barriers to entry Marginal cost Normal profits Favorite Cooperative To maximize profit a monopolist would want to produce an output level where is equal to A monopolistically competitive firm makes zero economic profit in the long run because the market has no An oligopoly has firms whereas a monopolistically competitive firm has firms. A Monopolist has product(s) whereas a monopolistically competitive firm has product(s) A game where a players take turns picking strategies is called a game and a game where players pick strategies at the same time is called a game Netflix and Hulu are both trying to decide what kind of show to create. Netflix decides that no matter what kind of show Hulu creates it is best for Netflix to create a comedy. This would be considered a strategy