How is monopolistic competition similar to perfect competition?
a. Both have market power.
b. Both have easy entry and exit.
c. Both have few sellers.
d. Both have differentiated products.
b. Both have easy entry and exit.
You might also like to view...
In the one-period competitive model we have been studying
A) both consumption and total factor productivity are exogenous. B) consumption is exogenous and total factor productivity is endogenous. C) consumption is endogenous and total factor productivity is exogenous. D) both consumption and total factor productivity are endogenous.
The purchasing power parity method of comparing income levels across countries
What will be an ideal response?
Suppose Brian Adams wants to perform a concert in the City Park in Corner Brook, Newfoundland. The city officials argue that the only way the concert can be given permission to be performed in the City Park is if it is free of charge. If Brian Adams agrees to performing free of charge, then the concert is:
a) rival and nonexcludable b) a private good c) excludable d) nonexcludable
The long-run supply curve in a constant-cost, perfectly competitive industry is
A. perfectly inelastic. B. upward sloping. C. perfectly elastic. D. downward sloping.