71) Suppose now that the firms products can be differentiated from each other, so that the industry is monopolistically competitive. In long run equilibrium with free entry, relative to the long run competitive equilibrium, each firm will: A) set price higher and quantity higher. B) set price lower and quantity higher. C) set price higher and quantity lower. D) set price lower and quantity lower. E) set price and quantity exactly the same.
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Related questions
1. Which of the following economists was not important in the development of game theory?
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A. Antoine Cournot |
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B. John von Neumann |
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C. John Forbes Nash |
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D. Alan Greenspan
2. If the price discounting by two firms in the same market was a sequential process where each firm has perfect knowledge and knows what each payoff is:
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