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Consider the Tourist-Trap model.Which of the following statements is true? In the Tourist-Trap model, fewer firms can lead to lower prices, but in the complete

Consider the Tourist-Trap model.Which of the following statements is true?

In the Tourist-Trap model, fewer firms can lead to lower prices, but in the complete information model, fewer firms will lead to higher prices.

Consumers only buy from the lowest price firm in the Tourist-Trap model.

Firms charging Marginal Cost is a long run equilibrium in the Tourist-Trap model.

More than one of the other statements are true.

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