A characteristic of monopolistically competitive industries is that:
A) there is product differentiation but only limited advertising of products by the representative firm.
B) the entry and exit of firms causes the representative firm to break even in the long run.
C) the representative firm is not very responsive to changes in consumer demand.
D) the representative firm produces at that level of output where marginal cost equals minimum average total cost.
Correct Answer:
Verified
Q55: In the short run,the monopolistically competitive firm
Q56: Q57: Q58: If a monopolistically competitive industry is in Q59: Q61: Monopolistic competition is characterized by excess capacity Q63: In monopolistic competition,we usually observe: Q64: In monopolistic competition,there is: Q65: Which statement is true? Q139: The characteristic most closely associated with oligopoly 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
A) significant diseconomies
A) allocative efficiency.
B) productive
A) Monopoly will result
