Homework Answers
IN a monopolistically competitive market there are a large number of firms in the market and low barriers to entry. the answer is "C".
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Monopolistic competition is characterized by a Multiple Choice 0 few dominant firms and low entry barriers....
long run 39) What does monopolistic competition have in common with -) barriers to exit but...
long run 39) What does monopolistic competition have in common with -) barriers to exit but no barriers to entry le proft in the A) a large number of fims B) a downward-sloping demand curve C) the ability to collude with respect to price D) mutual interdependence E) barriers to entry 40) An example of a fim in monopolistic competition is A) your local water company B) the sole cable television company C) the many Chinese restaurants in San Francisco...
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is...
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is blocked. in monopolistic competition, there are relatively few barriers to entry. in monopolistic competition, firms can differentiate their products. in perfect competition, firms can differentiate their products. Health care (patients per year) с 4 D 0 Education (students per year) In the figure above, point Dis not production efficient and point Bis production efficient. production efficient and point B is not production efficient. production...
If one were to discuss why the term “monopolistic competition” is used, the best description would...
If one were to discuss why the term “monopolistic competition” is used, the best description would be that the industry is “monopolistic” because it holds patents, but is “competitive” because other firms might invent similar patentable products. has a monopoly, but is “competitive” because there are low barriers to entry, meaning it has potential rivals. has low barriers to entry, but is “competitive” because it has few firms. has product differentiation, but is “competitive” because it has many firms. has...
Please help me with these multiple choice questions, thank you! Which type of market is characterized...
Please help me with these multiple choice questions, thank you! Which type of market is characterized by a few large firms selling either differentiated or commodity products and having strong barriers to entry? a. Pure Competition b. Monopolistic Competition c. Monopoly d. oligopoly What happens to the firm’s long run average cost (LAC) as it produces more and there is are economies of scale? a. LAC changes, but we cannot tell how from this information b. LAC declines c. LAC...
The typical firm in perfect competition is Multiple Choice 0 a farm. 0 an airline an...
The typical firm in perfect competition is Multiple Choice 0 a farm. 0 an airline an airline 0 a fast food restaurant chain. 0 an electrical power company. Under oligopoly, there are Multiple Choice o identical products. o high barriers to entry. o low barriers to entry. o so many firms that no one can control the price. Under the cartel, the price is Market for Oil S-MC P One Country's Oil MC ATC Q, Q, Q, Ο MR Figure...
In monopolistic competition, there are no barriers to entry. Select one: True False A minimum wage...
In monopolistic competition, there are no barriers to entry. Select one: True False A minimum wage is an example of a price ceiling. Select one: True False
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly....
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly. O B. is a world where firms battle over market shares. O C. is a world where economic profits may or may not persist in the long run. OD. is described by all of the above. Monopolistic competition is an industry characterized by a O A. small number of firms producing identical products, with barriers to entry for firms. OB.small number of firms producing...
Which is NOT a characteristic of monopolistic competition? A. few firms in the industry B. independence...
Which is NOT a characteristic of monopolistic competition? A. few firms in the industry B. independence of each firm's decisions C. lack of collusion among firms D. small share of market to each firm
Which idea is inconsistent with perfect competition? Multiple Choice product differentiation freedom of entry or exit...
Which idea is inconsistent with perfect competition? Multiple Choice product differentiation freedom of entry or exit for firms a large number of buyers and sellers price-taking behavior
Which of the following is true of monopolistic competition? a. There is free entry and exit...
Which of the following is true of monopolistic competition? a. There is free entry and exit of firms in response to short-run profits. b. The industry comprises of very few firms. c. Firms in the industry produce homogenous products. d. The firms in the industry exhibit constant returns to scale in production e. In the long run firms earn positive economic profits.
long run 39) What does monopolistic competition have in common with -) barriers to exit but no barriers to entry le proft in the A) a large number of fims B) a downward-sloping demand curve C) the ability to collude with respect to price D) mutual interdependence E) barriers to entry 40) An example of a fim in monopolistic competition is A) your local water company B) the sole cable television company C) the many Chinese restaurants in San Francisco...
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is blocked. in monopolistic competition, there are relatively few barriers to entry. in monopolistic competition, firms can differentiate their products. in perfect competition, firms can differentiate their products. Health care (patients per year) с 4 D 0 Education (students per year) In the figure above, point Dis not production efficient and point Bis production efficient. production efficient and point B is not production efficient. production...
The typical firm in perfect competition is Multiple Choice 0 a farm. 0 an airline an airline 0 a fast food restaurant chain. 0 an electrical power company. Under oligopoly, there are Multiple Choice o identical products. o high barriers to entry. o low barriers to entry. o so many firms that no one can control the price. Under the cartel, the price is Market for Oil S-MC P One Country's Oil MC ATC Q, Q, Q, Ο MR Figure...
In monopolistic competition, there are no barriers to entry. Select one: True False A minimum wage is an example of a price ceiling. Select one: True False
The world of imperfect competition O A. lies between the extremes of perfect competition and monopoly. O B. is a world where firms battle over market shares. O C. is a world where economic profits may or may not persist in the long run. OD. is described by all of the above. Monopolistic competition is an industry characterized by a O A. small number of firms producing identical products, with barriers to entry for firms. OB.small number of firms producing...
Which of the following is true of monopolistic competition? a. There is free entry and exit of firms in response to short-run profits. b. The industry comprises of very few firms. c. Firms in the industry produce homogenous products. d. The firms in the industry exhibit constant returns to scale in production e. In the long run firms earn positive economic profits.
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