Question

1. Unlike the case of perfect competition, consumers in monopolistically competitive markets pay relatively higher prices, however, purchase products that are more closely suited to their tastes.

A. True

B. False

2. What is network externality?

A. It refers to a product that requires connection to a network for it to be useful

B. It refers to lobbying to form a public enterprise

C. It refers to having a network of suppliers and buyers for a good or service

D. It refers to a situation in which a product's usefulness increases with the number of people using it.

3. The term "trust" in antitrust refers to a board of trustees that has collusive control over different companies.

A. True

B. False

Answer 1