Monopolistically and perfectly competitive firms are similar in that, in both markets, firms have long-run economic profits equal to zero.
Correct Answer:
Verified
Q119: Under monopolistic competition, firms always earn positive
Q120: Monopolistic competition is characterized by many firms
Q121: If a cartel is successful, it will
Q122: Unlike perfectly competitive firms, monopolistically competitive firms
Q123: The number of firms in an oligopoly
Q125: Larger size automatically improves efficiency.
Q126: The reason a firm advertises its product
Q127: When consumers have perfect information, they will
Q128: Product differentiation can be created because one
Q129: Oligopolists, like monopolists, can arise for similar
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents