correct answer needed

1 Critics of advertising argue that advertising decreases competition while defenders of advertising argue that advertising increases competition and reduces prices to consumers. (1 Point) True False 2.As the number of sellers in an oligopoly grows larger, an oligopolistic market looks more like (1 Point) a monopoly a competitive market monopolistic competition a collusion solution 3.Suppose an oligopolist individually maximizes its prots. When calculating prots, if the output effect exceeds the price effect on the marginal unit of production, then the oligopolist (1 Point) should produce more units. has maximized prots. is in a Nash equilibrium. should produce fewer units. should exit the industry. 4.Brand names allow rms to make economic prots in the long run because they are able to sell inferior products based on the apparent connection of those products to the rm's unrelated high quality products. (1 Point) True False 5.Both monopolists and monopolistically competitive firms produce the quantity at which marginal revenue equals marginal cost and then use the demand curve facing the rm to determine the price consistent with that quantity. (1 Point) True False 6.The market for crude oil is an example of an oligopolistic market. (1 Point) True False 7.Similar to a monopolist, a monopolistically competitive rm faces a downward-sloping demand curve for its product. (1 Point) True False