All of the following are characteristics of a monopolistically competitive industry EXCEPT
A) homogeneous products.
B) many firms.
C) low barriers to entry and exit.
D) sales promotion and advertising.
A
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Refer to Figure 4-3. What area represents the deadweight loss at the equilibrium price of P1?
A) C + E B) C + E + H C) G + H D) There is no deadweight loss at the price of P1.
Graphically, market demand for a product:
A. is the horizontal difference of the individual demand curves. B. is the horizontal sum of the individual demand curves. C. is the vertical difference of the individual demand curves. D. is the vertical sum of the individual demand curves.
The lack of success among monopolistic competitive and oligopolistic firms to become monopolies can be attributed primarily to
a. lack of business skills b. lack of financing c. failure to maximize profit d. inability to establish effective barriers to entry e. inefficient production methods
Transactions deposits include
A. checkable and debitable accounts. B. credit cards. C. certificates of deposit. D. lines of credit.