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Question 17 0.16 pts Monopolistic competitors do not enjoy the competition. As a result, firms will never produce ataverage total cost. ___demand of perfect O perfectly inelastic; minimum O relatively elastic; maximum O relatively elastic; maximum O relatively elastic; minimum O perfectly elastic; minimum Question 18 0.16 pts A unique feature of monopolistic competition is O free entry and exit many sellers O significant barriers to entry and exit O differentiated products O similar products Question 19 0.16 pts Two gas stations are located near each other and compete for customers. They both offer the same brand of gasoline. Guzzlin Gas is located a couple of blocks from the interstate, down a side street. Frankies Fast Fuel is on the interstate access road, directly following an exit ramp. What can you assume about market power? Because they offer the same brand of gasoline, differentiation is irrelevant. O The location of Frankies Fast Fuel means that it sells an inferior product. O Frankies Fast Fuel charges higher prices, which erodes any market power it possesses. O The location of Guzzin, Gas gives it a certain degree of market power O The location of Frankies Fast Fuel gives it a certain degree of market power.

Question 20 0.16 pts Which of the following represents monopolistic competitors? two farmers market stands specializing in heirloom tomatoes two national home improvement stores selling a large array of similar products rock musicians selling albums recorded with the same producer a local gas company and electric company, both servicing residential homes O four regional plants producing raw steel for manufacturing

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Answer #1

a) "E" they do not enjoy perfect elasticity of prefect market condition so they will never produce at the minimum level of the average cost curve.

b) "D" differentiated products are the unique feature.

c) "E" the location of Frankie's fast fuel give it some market power.

d) "C" rock musician will have some product differentiation.  

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