What are the three basic characteristics of monopolistic competition?
a. homogeneous product; few sellers; free entry
b. product differentiation; many sellers; free entry
c. product differentiation; few sellers; difficult entry
d. homogeneous product; few sellers; difficult entry
b. product differentiation; many sellers; free entry
You might also like to view...
Economists widely agree that the Consumer Price Index (CPI) understates the true U.S. inflation rate
a. True b. False
If there are 500 firms in an industry, and the four-firm concentration ratio is 90 percent, then
a. 496 firms account for the remaining 10 percent of sales b. the industry must be monopolistic competition c. the 4 firms each have 90 percent market share d. the top four firms are a monopoly e. the leading four firms receive 10 percent of industry profit
At the beginning of 1989, the GDP deflator was 93.6. At the end of 2004, it was 189.2. What was the total percentage change in prices over this 15-year period?
A. 59.6 percent. B. 150.0 percent. C. 98.9 percent. D. 102.14 percent.
Which of the following is always true for a single-price monopolist?
A) P > MR B) P < MR C) P = MR D) P = elasticity of demand E) None of the above answers is correct because none of them is always true.