7. A market is imperfectly competitive when the: a. b. c. d. demand curve faced
ID: 1111631 • Letter: 7
Question
7. A market is imperfectly competitive when the: a. b. c. d. demand curve faced by each individual firm is perfectly elastic. products offered by the firms are perfect substitutes for each other. firms that make up the market have no control over the price of their products. firms that make up the market have some control over the price of their products. Ceteris paribus, if a firm in a monopolistically competitive industry raises the price of its product a. sales may drop to zero as consumers switch to the perfect substitutes that are 8. offered by other firms in the industry sales may drop to zero as consumers switch to the close substitutes that are offered by other firms in the industry sales may drop as consumers switch to the perfect substitutes that are offered by other firms in the industry sales may drop as consumers switch to the close substitutes that are offered by other firms in the industry b. c. d. 9. Which of the following is true for both monopoly firms that do not price discriminate and monopolistically competitive firms in long-run equilibrium? a. P>ATC b. P> MC d. P=MC A firm in a monopolistically competitive market is similar to a monopoly firm in that: a. neither has control over the price it charges. b. both set price equal to marginal cost. c. both maximize profit by producing the quantity where marginal revenue equals 10. marginal cost. both maintain barriers to entry to prevent new firms from entering the market. d.Explanation / Answer
Answer:- a market is perfectly competitive when
The correct options:-
C:- the firms that make up the market have no control over the price of their product
Answer:- Ceteris paribus: if a firm in a monopolistically competitive industry raises the price of its product:
Correct Answer:- sales may drop as consumers switch to the close substitutes that are offered by other firms in the industry
Answer:- Which of the following is true for BOTH monopoly firms that do not price discriminate and monopolistically competitive firms in long run equilibrium?
Correct Answer:- P>MC
Answer:- A firm in a monopolistically competitive market is similar to a monopoly firm in that:
Correct Answer:- both maximize profit by producing the quantity where marginal revenue equals marginal cost
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