A. the same as if it were served by competitive firms.
B. efficient because cooperation improves efficiency
C. the same as if it were served by a monopoly.
D. known as a Nash equilibrium

A. monopolistically competitive
B. a monopoly
C. an oligopoly
D. competitive

A. Each individual firm profit maximizes
B. There may be an incentive to cheat
C. The industry as a whole is loss making
D. There is no need to police agreements

A. Invest heavily in branding
B. Act independently of other firms
C. Try to differentiate its products
D. Try to be a price maker

A. Firms are assumed to act independently
B. Firms are assumed to cooperate with each other
C. Firms collude as part of cartel
D. Firms consider the actions of others before deciding what to do

A. An increase in price by the firm is not followed by others
B. An increase in price by the firm is followed by others
C. A decrease in price by the firm is followed by others
D. Firms collude to fix the price

A. monopolistic competition
B. Competitively monopolistic
C. Duopoly
D. Oligopoly