Question 1 (1 point) Listen What term refers to companies shaping their actions based on what their competitors do? allocationficiency long run equilibrium mutual interdependence productive efficiency Question 2 (1 point) Listen According to game theory, what do firms try to do? O maximize their profits by acting in ways to minimize damage from competitors capture competitors markets by developing slightly differentiated products gain market shares through predatory pricing maximize market share through strategic advertising and product placementQuestion 3 (1 point) Listen Where does allocationefficiency occur? O where the price of a good is equal to the marginal cost of producing it O where the greatest quantity of output is available for sale O where the price of a good is greater than the marginal cost of producing it O where the price of a good is less than the marginal cost of producing itQuestion 4 (1 point) Listen TABLE 8-1 Revenue and Cost Data for a Perfectly Competitive Firm Daily Output Price Total Revenue TFC TVC TC Profit 0 $30 $0 V $0 $40 -$40 $30 $30 $40 $12 W -$22 2 X $60 $40 Y $68 $8 W $30 $90 $40 $45 $85 Z Refer to Table 8-1. What is the AVC of producing three units of output? $32.66 $45 $50Question 5 (1 point) Listen Which of the following is a key element to preserving a monopoly? O keeping potential rivals out of the market 0 increased advertising expenditures 0 guaranteeing the availability of substitute products 0 government subsidization of critical enterprises