Monopolistic competition is like monopoly with entry
Indicate whether the statement is true or false
T Each firm has some monopoly power but entry can occur to drive profit to zero.
You might also like to view...
Suppose Jordan and Lee are trying to decide what to do on a Friday. Jordan would prefer to see a comedy while Lee would prefer to see a documentary. One documentary and one comedy are showing at the local cinema. The payoffs they receive from seeing the films either together or separately are shown in the payoff matrix below. Both Jordan and Lee know the information contained in the payoff matrix. They purchase their tickets simultaneously, ignorant of the other's choice. 
Which of the following statements is true?
A. Jordan does not have a dominant strategy. B. For Jordan, seeing a comedy is a dominant strategy. C. Jordan's dominant strategy depends on Lee's choice. D. For Jordan, seeing a documentary is a dominant strategy.
The opportunity costs of land is largely determined by
A) need. B) real estate agents. C) demand. D) government.
Suppose that changes in aggregate demand tended to be infrequent and that it takes a long time for the economy to return to long-run output. How would this affect the arguments of those who oppose using policy to stabilize output?
Why are resources considered limited?
A. Entrepreneurs do not invest enough of them. B. There are not enough available so that everyone can have as much of them as desired. C. Everyone has them, and they change. D. There are so many that people must decide which ones to choose at any on