Homework Answers
Q- 26) There are significant barriers to entry in
monopolistically competitive industries:
Answer- (a) True.
Q- 27) Firms under monopolistic competition produce good that are :
Answer- (c) Differentiated products.
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26) There are significant barriers to entry in monopolistically competitive industries. a. True b. False 27)...
8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and...
8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and monopoly industries? a. MR P b. P-min(ATO c MR-MC e. P> MR 9. The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because a, entry into the market is blocked b. there are many firms in the market. Os C barriers to entry are very low d. products are differentiated. 10. The "Discount Department Stores" industry is highly concentrated....
1. Which of the following is NOT a characteristic of a monopolistically competitive market?
1. Which of the following is NOT a characteristic of a monopolistically competitive market?A. many sellers.B. differentiated products.C. long-run economic profits.D. free entry and exit.2. Which of the following products is likely to be sold in a monopolistically competitive market?A. video games.B. breakfast cereal.E. beer.D. all of the above.3. Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly?A. The monopolist faces a downward-sloping demand curve while the monopolistic competitor faces an elastic demand...
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be su...
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be subject to regulation. b. barriers to entry will be strengthened. c. some firms will exit the market. d. new firms will enter the market. 17. As new firms enter a monopolistically competitive market, profits of existing firms a. rise, and product diversity in the market decreases. b. decline, and product diversity in the market increases. c. rise, and product diversity in the...
Question 42 New firms are able to enter monopolistically competitive markets because there are low barriers...
Question 42 New firms are able to enter monopolistically competitive markets because there are low barriers to entry. True False Question 43 For the monopolistically competitive firm. 5 pts SAMSUNG
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
a) Why is a monopolistically competitive firm less efficient than a perfectly competitive firm? It produces...
a) Why is a monopolistically competitive firm less efficient than a perfectly competitive firm? It produces at an output that is lower than its minimum efficient scale (MES) It earns positive economic profits in the long run It deters entry of new firms by putting up entry barriers All of the answers are correct b) Suppose a monopolistically competitive firm has MC=4Q+5. Its demand is P=145-3Q and marginal revenue is MR=145-6Q. What is its profit-maximizing output level? 17 14 16...
Which of the following is not a characteristic of a monopolistically competitive market structure? A.) Each firm...
Which of the following is not a characteristic of a monopolistically competitive market structure? A.) Each firm must react to actions of other firms. B.) There are low barriers to entry of new firms. C.) There is a large number of independently acting small sellers. D.) All sellers sell products that are differentiated.
Some monopolistic competitive firms earn positive economic profits in the long run because O a. each...
Some monopolistic competitive firms earn positive economic profits in the long run because O a. each firm produces and sells a homogeneous product. O b. they have successfully differentiated their products from their competitors' products. O c. there is easy entry and exit. O d. there are high barriers to entry in monopolistic competition.
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
24) Which of the following is not a characteristic of a monopolistically competitive market? a) Long-run...
24) Which of the following is not a characteristic of a monopolistically competitive market? a) Long-run profits likely to be positive. b) Differentiated products. c) No barriers to entry. d) Many sellers.
8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and monopoly industries? a. MR P b. P-min(ATO c MR-MC e. P> MR 9. The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because a, entry into the market is blocked b. there are many firms in the market. Os C barriers to entry are very low d. products are differentiated. 10. The "Discount Department Stores" industry is highly concentrated....
16. If firms in a monopolistically competitive market are earning positive profits, then a. firms will likely be subject to regulation. b. barriers to entry will be strengthened. c. some firms will exit the market. d. new firms will enter the market. 17. As new firms enter a monopolistically competitive market, profits of existing firms a. rise, and product diversity in the market decreases. b. decline, and product diversity in the market increases. c. rise, and product diversity in the...
Question 42 New firms are able to enter monopolistically competitive markets because there are low barriers to entry. True False Question 43 For the monopolistically competitive firm. 5 pts SAMSUNG
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Some monopolistic competitive firms earn positive economic profits in the long run because O a. each firm produces and sells a homogeneous product. O b. they have successfully differentiated their products from their competitors' products. O c. there is easy entry and exit. O d. there are high barriers to entry in monopolistic competition.
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
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