Ans.-(B)
Fast food industry is competitive and all the firm in the industry have a monopoly in their own product. They offer differentiated products and have some market power. So, fast food industry can be considered a Monopolistically competitive industry.
Which one of the following industries falls into monopolistic competition.? a oil industry ob the fast...
Place the industries into the proper category (Monopolistic Competition, Monopoly, Competition).Categories Monop. Competition your local electric fast-food restaurants a clothing store in the mall a company that sells bottled water Monopoly the only doctor's office in a town Competition carrot farmers
Which of the following conditions distinguishes monopolistic competition from perfect competition? a. the number of sellers in the market b. the freedom of entry and exit by firms in the market c. the size of firms in the market d. product differentiation A monopolistically competitive firm chooses its a. price and quantity just as a monopoly does. b. quantity but faces a horizontal demand curve just as a competitive firm does. c. price but can sell any quantity at the market price just as an oligopoly does. d. price...
Under which market structure can the firms make more than normal profit? pure competition and monopolistic competition oligopoly and monopoly monopolistic competition and oligopoly pure competition and monopoly Suppose that there are three firms in an industry, and their market shares are respectively 10%, 30%, and, and 60%. Then the Herfindahl index for this industry is: 1,000 3,400 3,600 4,600 Under which market structure is the non-price competition common? Monopolistic competition and oligopoly Oligopoly and monopoly Pure competition and monopolistic...
Which of the following industries is an example of monopolistic competition? est O A. newspapers in your town OB. audio and video equipment O c. hydroelectric distribution OD. wheat
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...
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
This industry is most susceptible to collusion: Perfect Competition Monopolistic Competition Pure Monopoly More than one of these is correct Oligopoly
Which of the following fits the term imperfect competition? a condition of the industry that falls between the extremes of monopoly and perfect competition a game in which the gains from cooperation are larger than the rewards from pursuing self-interest a situation in which firms act together to reduce output and keep prices high a branch of mathematics often used by economists that analyzes situations in which players must make decisions and then receive payoffs based on what decisions the...
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.
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...