A firm in monopolistic competition needs ________ market share to qualify as a firm in monopolistic competition
a. no less than 50 percent
b. no less than 10 percent
c. no more than 5 percent
d. no more than 1 percent
e. there is no specific percentage
E
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 0d and that it is 0u in country B.) What part of domestic output in country A is the total wage bill or total wage income before and after the immigration?
A. Area 0fad and area 0gce, respectively
B. Area 0fad and area bced, respectively
C. Area 0gbd and area bced, respectively
D. Area 0gbd and area 0gce, respectively
Those who prefer a passive approach to the conduct of macroeconomic policy tend to believe that markets are self-correcting
a. True b. False Indicate whether the statement is true or false
An economy is operating with optimum efficiency if
a. the price of the product is greater than marginal cost. b. the production of more of commodity A entails the production of less of commodity B. c. marginal cost of output is greater than marginal utility of output. d. an increase in output would result in a decrease in average cost per unit.
In a monopoly, the market demand curve is
A. the summation of all the individual firm's cost curves. B. the same as the demand curve facing the firm. C. the marginal cost curve above minimum average variable cost. D. nonexistent.