In a monopolistically competitive industry, the competitive element results from _____ and the monopoly element results from _____.
A) product differentiation; substantial barriers to entry
B) a large number of firms and free entry; product differentiation
C) advertising; product differentiation
D) product differentiation; the small number of large producers
E) positive economic profit in the long run and substantial barriers to entry; perfectly elastic demand curve
Correct Answer:
Verified
Q35: Monopolistic competition is characterized by:
A)a small number
Q36: The restaurants in San Francisco can probably
Q37: In a monopolistically competitive market structure, because
Q38: Monopolistic competition is characterized by:
A)homogeneous products.
B)significant barriers
Q39: In monopolistically competitive markets, economic profits _,
Q41: Monopolistic and perfect competition are alike in
Q42: The following graphs show two firms operating
Q43: The demand curve for a monopolistically competitive
Q44: The following graphs show two firms operating
Q45: The following graph shows a firm producing
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