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Question 9 0.4 pts Assume that two firms (Firm A and Firm B) operate in the U.S. steel industry. The owner of Firm A writes the following letter to the owner of Firm B: Dear Owner of Firm B I have concluded that if we both restrict output such that we each produce only 3 million tons of steel per year, we can both charge a price that will allow us to effectively monopolize the steel market and to maximize our joint profits. If you would like to enter into this agreement with me, please draft a contract that specifies this agreement, and I will be more than willing to meet with you and sign it. Sincerely Owner of Firm A If this letter were sent in the year 1850, the owner(s) of O Firm B would be guilty of violaganttrust laws only if he drafted and signed the agreement. O both Firm A and Firm B would not be guilty of anything because there were no antitrust laws in existence in 1850 O Firm A would be guilty of violating antitrust laws. both Firm A and Firm B would be guilty of violating antitrust laws. O Firm B would be guilty of violating antitrust laws. Question 10 0.4 pts If network externalities exist in an industry, the market is often the one that succeeds in dominating the industry firm to enter the O fourth fifth O first O second ○ thirdQuestion 11 0.4 pts Refer to the accompanying figure to answer the following questions. Price MR Quantity When a competitive market comes under the control of a monopoly, the quantity changes from O A to B. D to E. O E to D. B to A. O C to A Question 12 0.4 pts Ash is the preferred wood to be used in the production of baseball bats. If a company was to buy the rights to harvesting the ash trees out of all the forests in North America, which of the following barriers of entry has this company created? economies of scale control of resources O problems raising capital licensing O patents and copyright law

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