In a monopolistically competitive market
A) firms are price setters.
B) barriers to entry are high.
C) firms earn positive economic profit in the long run.
D) products are undifferentiated.
Correct Answer:
Verified
Q70: Under perfect competition
A)information about prices is hard
Q71: All of the following are characteristics of
Q72: Disruptive innovations
A)are created exclusively by start-up companies.
B)can
Q73: Opportunistic behavior may occur when
A)a firm buys
Q74: An oligopoly
A)requires government licensing.
B)has relatively few firms,
Q75: According to economists, competitive firms
A)compete for the
Q76: Toyota's just-in-time system is an example of
A)backward
Q77: A firm that is vertically integrated
A)participates in
Q79: Vertical integration
A)is always driven by profitability concerns.
B)results
Q80: A monopoly
A)must have a patent to protect
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