In monopolistically competitive markets, entry barriers:
A) do not exist.
B) are more prevalent than in perfectly competitive markets but less than in monopoly markets.
C) are more prevalent than in monopoly markets but less than in perfectly competitive markets.
D) are blocked.
Answer: B) are more prevalent than in perfectly competitive markets but less than in monopoly markets.
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Which of the following products allows the seller to identify different groups of consumers (segment the market) and practice price discrimination?
A) clothing items sold through Macy's Department Store B) a cafe latte sold at Starbucks C) tickets to matinee shows at a movie theatre D) a hamburger sold at Burger King
How did the advent of the modern corporation reduce the likelihood that a firm's goal is to maximize profit? What has replaced this goal?
If an economy is operating __________ its institutional production possibilities frontier, it is producing __________ output than it would be at full employment
A) below; less B) below; more C) above; less D) above; more E) a and d
A decrease in aggregate demand in the short run will reduce ________.
A. the price level and increase the real domestic output B. the real domestic output and have no effect on the price level C. both real output and the price level D. the price level and have no effect on real domestic output