Which of the following is an accurate statement about monopolistic competition?
a. Competing firms often conduct retaliatory moves.
b. Firms often act independently.
c. Markets often have few competing firms.
d. Firms often significantly influence the policy of competing firms.
b. Firms often act independently.
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Purchasing power parity is defined as
A) an equal value of money across currencies. B) a currency whose value rises. C) an equal value of interest rates across currencies. D) a currency whose value falls. E) a constant value for a currency.
In the above figure, if the milk industry is perfectly competitive, then the firm's marginal revenue curve is represented by
A) curve F. B) curve G. C) curve H. D) curve I.
if the entire output of a market is produced by a single seller, the firm:
A.) Is a monopoly. B.) Is competitive. C.) Is an oligopolist. D.) Faces a perfectly vertical demand curve.
If the economy was producing at point D and moved to point C
A. the unemployment rate would decrease.
B. the production possibilities frontier would shift outward.
C. the production possibilities frontier would shift inward.
D. None of these choices are true.