Question 11 (1 point) In a perfectly competitive industry, with the same costs for all firms, free entry and exit, each firm will have economic profits in the long-run equilibrium. zero different positive Onegative Question 12 (1 point) Which of the following is the best example of a common resource? seats on an airplane O a crowded public beach with free access O a highway to which access is granted only to those who pay a specified toll a streetlight Question 13 (1 point) A monopoly is a market structure characterized by: O barriers to entry. O a product with many close substitutes. O a single buyer and several sellers. a large number of small firms.Question 14 {1 point} If all firms in an industry are price-takers, then: 0 the market sets the price, and each firm can take it or sell at a different price (:11 each firm can set the price that it wants to charge and sell at this price (:11 an individual firm cannot alter the market price even if it doubles its output (:31 each firm takes the market price as given but it can change the price if it alters its output significantly Question 15 {1 point} Plyn Mini: fur Jill\" and 2m Jake and Zoe are the only producers of slushies in their tourist town. Every week, each decides whether to price high or price IDW for the following week.The payoff matrix shows the profit per week earned by their two firms. What is the non- cooperative equilibrium of this game? (:11 Jake: High Price, Zoe: High Price (:11 Jake: Low Price, Eoe: High Price (:31 Jake: High Price, Zoe: Low Price 0 Jake: Low Price, Zoe: Low Price