21. Which of the following statements is false? A. Under perfect competition, the unsuccessful team is eliminated. B. Mo

[answerhappygod]

21. Which of the following statements isfalse?
A. Under perfect competition, the unsuccessful team iseliminated.
B. Monopoly produces more and charges less to profit maximizecompared to perfect competition.
C. Perfect competition produces more and charges less comparedto monopoly.
D. Under monopoly, leagues can stay in business even thoughtheir performance is very poor.
E. Perfectly competitive firms accumulate zero economicprofit
22. Many economists found that price elasticity ofdemand is less than 1, this implies that monopolistic sportteams
A. maximize profits.
B. don’t maximize profits.
C. maximize revenues.
D. minimize costs.
E. minimize revenue
23. Due to the rising labor costs in some developingworld, the price of jerseys increases from 𝑃1=58 to 𝑃2=65. As aresult, market demand decreases from 𝑄1=25 to 𝑄2=22. Find priceelasticity of demand and determine if it is elastic, inelastic orunit elastic.
A. 1.12 and inelastic
B. 0 and elastic
C. 0.89 and elastic
D. 0.89 and inelastic
E. 1.12 and elastic
24. From past NBA games, an economist looks at pointsscored by your team and points scored by your opponent. Heestimates the following regression equation:𝑊𝑃^=0.437+0.027𝑃𝑜𝑖𝑛𝑡𝑠𝑆𝑐𝑜𝑟𝑒𝑑𝑂𝑤𝑛𝑇𝑒𝑎𝑚−0.0257𝑃𝑜𝑖𝑛𝑡𝑠𝑆𝑐𝑜𝑟𝑒𝑑𝑂𝑝𝑝𝑜𝑠𝑖𝑡𝑒𝑇𝑒𝑎𝑚.Where 𝑊𝑃^ is winning percentage. If your team scored 108 and youropponent scored 90 points, what is the estimated winningpercentage?
A. 25%
B. 1.04%
C. 104%
D. 86.8%
E. 96.3%
25. Refer to Question 24, suppose that t-stats on thecoefficient of "Points Scored Own" is 2.6, and the t-stats on thecoefficient of "Points Scored by Opponent" is 1.02. Based on thesevalues, we should:
A. Keep both "Points Scored Own" and "Points Scored by Opponent"variables.
B. Remove "Points Scored Own" variable and keep "Points Scoredby Opponent" variable.
C. Keep "Points Scored Own" variable and remove "Points Scoredby Opponent" variable.
D. Remove both "Points Scored Own" and "Points Scored byOpponent" variables.
E. It depends on 𝑅2 value