Which of the following statements about a monopolistic competitor is false?
It faces a downward sloping demand curve
It demand curve , and those for its competitor, may all be in different positions
Its will produces at the output where it MR and SMC curves intersect, provided it would make either a profit or a loss that was less than its total fixed cost
It supply curve is part of its marginal cost curve
A firm can fix independent price under _________ market.
Perfect Competition
Pure Competition
Imperfect Competition
Monopoly
Which of the following statements about a firm which is a price taker is false?
The firm will sell its product at the going market price
The demand curve faced by the firm is downward sloping
The demand curve faced by the firm is horizontal even though the market demand curve is downward sloping
The firm would sell nothing if it set a higher price than the market price
What is the definition of a Nash Equilibrium?
A situation where each player adopts their dominant strategy
A situation where each player adopts the best strategy for them , given the strategy adopted by the other
A situation where the combined pay offs of the players is the maximum possible
The outcome that will arise in a game
