These answers are not correct, I dont know if they are correct or not, I mostly

Question

These answers are not correct, I dont know if they are correct or not, I mostly guessed them. please give me the right one. please check my other questions.

Large barriers to entry in the gas station business explain why the two only gas stations in a small town: must produce a level of output such that MR = MC in order to maximize their profit. must produce at the minimum average total cost in the long run. have no fixed costs in the long run. can earn an economic profit in the long run. Scenario: Payoff Matrix for Firms X and Y The following payoff matrix depicts the profits for firms X and Y, which are trying to decide whether to choose a high or low price in their competitive strategy with each other. They are the only two firms in this oligopolistic industry. (Scenario: Payoff Matrix for Firms X and Y) In the scenario Payoff Matrix for Firms X and Y, if firms such as firm X and firm Y wish to maximize joint profits, they should: have one choose a dominant strategy and the other choose a no dominant strategy. each choose their dominant strategy. consider their specific situation before choosing a strategy, since strategies also entail costs. each choose a no dominant strategy. The existence of a buyer with significant buying power in an industry would: make a tacit agreement easier to achieve. make a tacit agreement more difficult to achieve, result in a kinked demand curve, have no effect on tacit agreement negotiations. Overt collusion exists if: competition among a large number of small firms generates similar but slightly different prices. smaller firms in an industry tacitly agree to charge the same price as the largest firm. competition among a large number of small firms generates a stable market price. firms agree openly on price and output and they jointly make other decisions aimed at achieving monopoly profits. An industry that is dominated by a few firms, each of whose firms recognizes that its own choices can affect the choices of its rivals and vice versa, is: a monopoly. characterized by monopolistic competition. an oligopoly. characterized by perfect competition. A cartel is an example of: price leadership. tacit collusion, overt collusion, price extortion. Collusive agreements are typically difficult for cartels to maintain because each firm can increase profits by: engaging in less advertising than the level of advertising that maximizes joint cartel profits. producing less output than the quantity that maximizes joint cartel profits. increasing the price above the price that maximizes joint cartel profits, producing more output than the quantity that maximizes joint cartel profits. A monopolistically competitive industry, such as corn snack chips, and a perfectly competitive industry, like wheat farming, are alike in that: firms in both types of industries produce identical products. there are many firms in each industry. barriers to entry in both industries are large. firms in both types of industries produce similar but not identical products. The wedding dress industry is monopolistically competitive. As a result, which of the following conditions applies to this industry? There is freedom of entry but not exit in this industry. There are thousands of dress suppliers, all selling identical products. Prices tend to be lower than if the dress industry approximated perfect competition. Dresses tend to be differentiated among the many sellers serving this market. Monopolistic competition is similar to perfect competition because firms in both market structures: are price-takers. Produce goods that are perfect substitutes. do not face any barriers to entry into the industry in the long run. find it beneficial to advertise.

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its all answer are correct i cheked....so continu....

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