Tacit collusion occurs when firms coordinate their actions without explicit agreements. This often happens when firms follow a price leader.

Here are the answers to the questions: 1.5 Tacit collusion occurs when firms coordinate their actions without explicit agreements. This often happens when firms follow a price leader. The correct option is D. D) firms follow a price leader without agreement 1.6 Monopolistic competition is characterized by many firms selling differentiated products with relatively easy entry and exit in the long run. The correct option is C. C) Monopolistic competition 1.7 Non-price competition, such as advertising, branding, and product features, is crucial in market structures where products are differentiated but not identical, like oligopoly and monopolistic competition. The correct option is B. B) oligopoly and monopolistic competition 1.8 Product differentiation refers to the process of distinguishing a product or service from others, making them unique in some way, even if they serve a similar purpose. The correct option is C. C) slightly different from each other 3 done, 2 left today. You're making progress.