Homework Answers
Ans) 1) Monopolistic competition is where there are many sellers selling homogeneous but differentiated products. There are no (or little) barrier to entry and exit. Firms are not price takers. Eg- restaurants, salons etc.
True.
2) Price ceiling is the legal maximum price that can be charged for any product. Eg- rent control.
Price floor is the legal minimum price that must be paid for any product. Eg- minimum wage.
False.
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In monopolistic competition, there are no barriers to entry. Select one: True False A minimum wage...
One difference between ‘perfect competition’ and ‘monopolistic competition’ is that A) there is product differentiation in...
One difference between ‘perfect competition’ and ‘monopolistic competition’ is that A) there is product differentiation in monopolistic competition. B) there are barriers to entry in monopolistic competition. C) there are barriers to entry in perfect competition. D) there is product differentiation in perfect competition.
26) There are significant barriers to entry in monopolistically competitive industries. a. True b. False 27)...
26) There are significant barriers to entry in monopolistically competitive industries. a. True b. False 27) Firms under monopolistic competition produce goods that are: a. Commodities b. Standardized products C. Differentiated products d. Inferior goods
Monopolistic competition is characterized by a Multiple Choice 0 few dominant firms and low entry barriers....
Monopolistic competition is characterized by a Multiple Choice 0 few dominant firms and low entry barriers. 0 large number of firms and substantial entry barriers. 0 large number of firms and low entry barriers. 0 few dominant firms and substantial entry barriers.
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...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run equilibrium for each firm. b.entry and exit by firms are restricted. c. there are many firms in a single market. d. marginal revenue is equal to price for each firm. ECTION 22 Monopolistic competition differs from perfect competition because in monopolistically competitive markets a. all firms can eventually earn economic profits. b. each of the sellers offers a somewhat different product. C. strategic interactions...
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...
The major difference between monopolistic competition and monopoly is O A. only a firm in monopolistic...
The major difference between monopolistic competition and monopoly is A. only a firm in monopolistic competition can earn an economic profit in the short run. B. only firms in monopolistic competition are protected by barriers to entryC. only a monopoly can earn an economic profit in the long run. D. how the quantity of output is determined. E. monopoly is a price setter and a firm in monopolistic competition is a price taker.In the long run, firms in monopolistic competition earn zero economic profit...
A unique feature of monopolistic competition is many sellers similar products differentiated products free entry and...
A unique feature of monopolistic competition is many sellers similar products differentiated products free entry and exit significant barriers to entry and exit
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...
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.
26) There are significant barriers to entry in monopolistically competitive industries. a. True b. False 27) Firms under monopolistic competition produce goods that are: a. Commodities b. Standardized products C. Differentiated products d. Inferior goods
Monopolistic competition is characterized by a Multiple Choice 0 few dominant firms and low entry barriers. 0 large number of firms and substantial entry barriers. 0 large number of firms and low entry barriers. 0 few dominant firms and substantial entry barriers.
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...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run equilibrium for each firm. b.entry and exit by firms are restricted. c. there are many firms in a single market. d. marginal revenue is equal to price for each firm. ECTION 22 Monopolistic competition differs from perfect competition because in monopolistically competitive markets a. all firms can eventually earn economic profits. b. each of the sellers offers a somewhat different product. C. strategic interactions...
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...
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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