Final practice revision

a)Why there is no single economic model to explain oligopoly?

b)Suppose all firms in a monopolistically competitive industry were merged into one large firm. Would that new firm produce as many different brands? Would it produce only a single brand?

C). Suppose Intel and AMD can each charge either $300 or $200 for a CPU (the computing unit of a computer). The matrix below illustrates the payoffs, in millions of dollars, from each of the four possible outcomes that could occur in their duopoly setting. If Intel charges $300 and AMD charges $300, then Intel's profit will be ________ million and AMD's profit will be ________ million.