True or false

1. Twenty-five million businesses in the United States operate in the same kind of market.

____ 2. The Sherman Act and the Clayton Act are both examples of antitrust laws.

____ 3. Monopolistic competitors frequently use advertising to stand out among the competition.

____ 4. Monopolistic competitors face the same problems as perfect competitors when it comes to the threat of new sellers taking away some of their business.

____ 5. Cartel agreements are illegal in the United States but are permitted in other parts of the world.

____ 6. In some towns, cable television providers and trash collectors are monopolists.

____ 7. A patent is granted for a new product or process for five years.

____ 8. Airlines and cars are examples of industries in the monopolistic competitive market.

____ 9. Perfectly competitive market firms produce the quantity of output at which marginal revenue equals marginal cost.

____ 10. The phrase tying contracts describes the merger of two firms into one.