75.Mutually interdependent decision making among firms is a key characteristic of

monopolistic competition.

an oligopoly.

a monopoly.

perfect competition.

74.If an oligopolistic firm attempts to increase its price

it faces an inelastic demand curve.

competitors will match its increased price.

total revenue will increase.

it faces an elastic demand curve.

73.It is easy to enter into and exit from which of these industrial structures?

monopolistic competition

oligopoly

monopoly

natural monopoly

72.In game theory, repeated games can be played a maximum of ten times.

False

True

71.The kinked demand curve model leads to a discontinuity in the MR curve, which shows that MC must change significantly before price changes occur.

True

False

70.Repeated games tend to lead to _____ strategies.

static

tribal

trigger

nondominant