As compared to a perfectly competitive firm, a monopolistically competitive firm will:
A. have less control over price.
B. face more barriers to entry.
C. face more competitors.
D. sell a more differentiated product.
Answer: D
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If the demand for iPods is price elastic, then
A) the percentage change in quantity demanded is equal to the percentage change in price. B) the percentage change in quantity demanded is less than the percentage change in price (in absolute value). C) quantity demanded is not responsive to changes in price. D) the percentage change in quantity demanded is greater than the percentage change in price (in absolute value).
Tastes are starting to change for hybrid vehicles such that consumers are purchasing more hybrid vehicles and suppliers are choosing to produce more hybrid vehicles than they were five years ago
Due to the change in tastes, equilibrium price has fallen and equilibrium quantity has increased relative to the hybrid market from five years ago. What is the likely cause of this result? A) Supply increased by more than demand. B) Demand increased by more than supply. C) Demand and supply increased by the same amount. D) Only supply increased.
The debit side of the current account includes the imports of
a. goods only b. goods and services c. services only d. services and resources only e. financial assets
________ is maximized when the marginal cost of production equals the marginal benefit to consumers
a. Efficiency b. Productivity c. Social welfare d. Economic profit