choose the correct answer pls

Question 1 Which of the following is NOT a characteristic of a monopolistically competitive market? O Many firms O Firms producing where MR = MC. O Firms selling similar, but differentiated products O High barriers to entry Question 2 For the next three questions use the following graph which illustrates the cost and demand for a firm competing in a monopolistically competitive market. Mc ATC Price D MR Q1 Q2 23 Q4 Quantity What is the profit maximizing output for the monopolistic competitor? O Q4 O Q3 O Q2 O Q1Question 3 What price will the monopolistic competitor charge? O P2 O P4 O P1 O P3 Question 4 What will most likely occur to the demand for this firm in the long run? This firm is making zero economic profit, so no firms exit or enter the market, and demand will not change. This firm is suffering economic losses, so firms will exit the market causing the demand to increase and become more inelastic. This firm is making positive economic profit, so new firms enter the market causing the demand to increase and become more inelastic. O This firm is making positive economic profit, so new firms enter the market causing the demand to decrease and become more elastic. Question 5 A large city might have several coffee shops in a downtown area. Why would the coffee shop market be better described as monopolistic competition, rather than perfect competition? Perfect competition means hundreds of firms, monopolistic competition means only a few. O Though coffee shops are similar, the products are not identical. O Not every coffee shop can make coffee perfectly, so it would not be called perfect competition O A coffee shop faces an entire market demand curve for coffeeQuestion 6 2 pts Suppose a firm operating in a market characterized as monopolistic competition is making positive economic profit in the short run attracting new firms to the market. What do we expect to happen to the demand for the this firm as new competition emerges? Demand increases and becomes more elastic. Demand increases and becomes more inelastic. O Demand decreases and becomes more inelastic. O Demand decreases and becomes more elastic. Question 7 2 pts Which of the following is a characteristic of oligopoly? Many buyers and sellers. O No barriers to entry. O Mutual interdependence of firms. O A single firm selling a unique product. Question 8 2 pts What is the name for a group of firms operating in an oligopoly that have a formal agreement to collude to produce the monopoly output and sell at the monopoly price? O Trade Organization O Collusion Trust O Union O CartelQuestion 9 What is the name for the classic game theory problem covered in the text and lectures where two players with identical payoffs have incentive to collude since the competitive equilibrium le; players worse off than colluding? O the prisoner's dilemma O collude or compete O the two rm problem 0 nash equilibrium Question 10 If multiple rms colluding to charge higher prices would lead to higher prots than when competing with one another, What is the principle reason more rms don't partake in this behavior? 0 It is betterto produce more goods than to raise prices. 0 It is illegal 0 Firms value competition above prots. 0 Competing actually leads to higher prots in the long run