Answer the following statement true (T) or false (F)

Question

1) Oligopoly firms may produce either standardized or differentiated products.
2) The term imperfect competition refers to every market structure besides pure competition.
3) Firms in a monopolistically competitive industry have no reason to engage in nonprice
competition because their products are uniquely different from other sellers in the market.
4) Although individual purely competitive firms can influence the price of their product, these
firms as a group cannot influence market price.

Answer 1

1) T
2) T
3) F
4) F