QUESTION 7 The classic mum versus squeal strategy: applies in oligopoly markets refers to protecting trade secrets was first mentioned by Adam Smith in his book, Wealth of Nations is an effort to encourage workers to report problems rather than remain silent QUESTION 8 The profit maximizing output for a firm is typically: where your marginal cost equals marginal revenue. where your average costs are lowest where you are maximizing your revenue where your customers are most satisfied QUESTION 9 Which of the following is not a type of price discrimination? O An automobile insurance agent charging more to insure an 18 year old than 45 year old Pure price discrimination Optional price discrimination Price discrimination based on class