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Question 28 2 pts Senior citizens typically receive many discounts in movie theaters, among other places, because they O are retired and dont work anymore have very elastic demands. O have very inelastic demands O O can be distinguished easily from other types of consumers O are poorer than the average population.
Question 29 2 pts Monopolistic competition means that O firms have downward-sloping demand. O oligopoly firms collude until they become monopolies. O firms are in perfect competition, but they collude similar to monopolies O firms are in a monopoly, but they compete Ofrms differentiate their output, which makes themprice makers, but barriers to entry are low or nonexistent.
Question 30 One critical characteristic of monopolistic competition is that O one firm dominates the industry O a few firms compete without agreeing on price O a few firms collude with each other by agreeing O there is one large firm in the industry, but it has no control over the price O there are many small firms in the industry се
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Q28, option 2, more elastic demand, the senior citizens have very elastic demand curve for movies as these people can substitute the time for different entertainment very easily, so the prices are discounted for them Q29 Answer Option 1 Monopolistic competition has many firms s with a differentiated product the differentiated product make the demand curve downward sloping and gives some power over price to the individual firms Q30 Answer Option 5 The market has many firms with a differentiated product. It also has free entry and exit, so the firm s make zero economic profit in the long run

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