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1. Which of the following industry structures is best associated with low barriers to entry? a....

1. Which of the following industry structures is best associated with low barriers to entry?

a.

Monopoly

d.

monopolistic competition

b.

a cartel

e.

a collusive industry

c.

Oligopoly

2. Which of the following is the best example of a monopolistically competitive market?

a.

Corn

d.

retail clothing stores

b.

Gasoline

e.

wheat

c.

electric utilities

3. Which of the following is the best example of a firm operating in a monopolistically competitive market?

a.

a Nebraska corn farmer

b.

Applebee’s, a casual dining restaurant

c.

the U.S. Postal Service

d.

Chevron, a gasoline station

e.

electric companies prior to deregulation
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Answer #1

a) "D"

The monopolistic market has a very low barrier to entry and exit. If the firm is making a profit in the market then more and more firms in the market.

b) "D"

Retail clothing store is an example of monopolistic competition.

c) "B"

THe apple bee's a casual dining restaurant is an example of monopolistic competitive market.

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