The diagram below shows demand and cost curves for a monopolistically competitive firm.
FIGURE 11- 3
-Consider the following characteristics of a particular industry: - the firms in the industry are maximizing their joint profits
- entry of new firms is restricted This industry is likely to be
A) a monopoly.
B) monopolistically competitive.
C) one where each firm has limited market power.
D) perfectly competitive.
E) a cartel.
Correct Answer:
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