Which of the following characteristics applies to a monopolistically competitive? industry?

A. Firms act independently of each other.
B. There are very few firms in the industry.
C. Collusion is common.
D. Firms in the industry each control a large share of the market.
e. Products are? similar, but not? identical, to? competitors' products.


Answer:

A. Firms act independently of each other.
e. Products are? similar, but not? identical, to? competitors' products.

Economics

You might also like to view...

According to surveys by the Medical Group Management Association, the average primary care physician earned approximately _______ in 2010

a. $125,000. b. $150,000. c. $185,000 d. $200,000 e. $225,000.

Economics

Suppose that a long-run adjustment in a perfectly competitive industry results in decreased industry output but leaves price unchanged. Which of the following must be true?

a. The market demand curve did not shift b. The market demand curve shifted left; the market supply curve shifted right c. The market supply curve shifted left; the market demand curve shifted right d. Both market supply and demand increased, but supply increased more than demand e. The industry is a constant-cost industry

Economics

The human costs of unemployment are

a. insignificant b. not as important as the economic costs of unemployment c. equal to the economic costs of unemployment d. not measured in dollars, but are extremely important considerations e. the opportunity cost of lost output

Economics

In June 2012, the public debt in the United States was approximately

A) $5.8 billion. B) $90 billion. C) $1.6 billion. D) $15.8 trillion. E) $120 trillion.

Economics