Please reply within 30 minutes! no explanation, just the correct answers.

Are the following statements true or false?

1-Competition can best be described as some sort of game to supply consumers with the best possible products or services at the best possible prices.

True

False

2- Competition mainly serves the shareholders as the owners of corporations. It enables them to earn abnormal returns.

False

True

3- Consumers are the main beneficiaries of competitive markets as the competitive game puts businesses under constant pressure to offer the best possible range of goods at the best possible prices.

4- In an industry with only two firms both firms have identical cost functions, but aach firm does not know about the costs of its rival. In this situation, predation canneverbe successful because the firm following a predatory strategy would loose more money and could thus not signal a strong committment to maintain the predatory price for as long as necessary. True or False

5- Economies of Scale influence the number of firms in an industry. True orFalse

6-In the EU, the number of telecoms markets subject to ex ante regulation have increased significantly over time. The sector therefore represents a good example of steadily growing bureaucracy and a perpetuation of government interventions originally intended for a limited time. True or False

7- The potentially anticompetitive effects of Mergers are most obvious for horizontal mergers. The primary concern is that a change in the industry structure could result in higher prices and economic inefficiency. True or False

8-Cartels can be observed most often in monopoly and in perfectly competitive markets. True or False

9-Consumers and firms are worse off with successive monopolies upstream and downstream than when there is a single, integrated monopoly. True or false

10-Suppose that the industry demand curve is given by:

Q = 200 - 2p

And a monopolist faces the following total cost functions:

TCI= 40qI

And potential entrants face the following cost function:

TCE= 68 qE

Please determine the limit price that the incumbent could charge to deter entry.

11 - If a single firm with constant long run marginal cost of 25 monopolizes a market with demand Q = 100 2p.Determine the profit maximising quantity choice of the monopoly.

12 - The invers demand function is

P = 100 - Q

and LRMC = LRAC = 50.

Now a series of mergers monopolizes the industry and results in lower costs such that LRMC = LRAC = 40. The resulting monopoly firm possesses market power and can charge the monopoly price.

Please quantify the net effects (total welfare gain/ loss) resulting from this series of mergers.