Study review guide answers:
1. Oligopoly, monopolistic competition, monopolistic competition, oligopoly, monopolistic competition, oligopoly, monopoly, monopolistic competition, oligopoly, oligopoly (or monopoly depending on how you look at it)
2. oligopoly, few firms
3. higher prices, lower output
4. skip
5. skip
6. because difficult to trust, care about their own self-interest
7. no because it means higher prices and lower output. various laws are in place to prevent collusion.
True/False
1. F
2. T
3. T
Multiple Choice
1. C
2. a
3. b
4. skip
5. a
6. c
7. c
8. d
9. b
10. a
11. b
12. b
13. b
14. d
15. a
16. a
17. b
18. a
19. c
