Anthem College Phoenix Microeconomics & Monopolistically Competition Discussion

Question Description

1. How is monopolistically competition like competitive markets? How is monopolistic competition like monopoly?

2. Why do monopolistically competitive firms produce less than those operation at the most efficient scale of production?

3. How does advertising benefit society? In what ways can advertising be harmful?

4. How is game theory relevant to oligopoly? Does it help to explain monopoly? Give reasons for your response. oHHo

5. What does the prisoners dilemma indicate about the longevity of collusive agreements? What is a Nash equilibrium and how does it differ from a dominant strategy?

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