QUESTION 29 O P> MC. QUESTION 30 O rectangle O square trapezoid QUESTION 31 are

Question

QUESTION 29 O P> MC. QUESTION 30 O rectangle O square trapezoid QUESTION 31 are characteristics of a monopolistically competitive firm EXCEPT O many firms O low barriers to entry and exit. O sales promotion and advertising QUESTION 32 O that it is difficult for firms to get together to collude O that firms will not take into account the reaction of rival firms O that products produced by firms will be good substitutes. that price rigging commonly occurs QUESTION 33 Advertising is used by firms in a monopolistic competitive industry to Click Save and Submit to save and submit. Ctiok Save All Ansuers to sqve al

Explanation / Answer

29) p>MC is correct

For efficient equilibrium p=MC. In monopoly price is set greater than marginal cost. This results in deadweight loss and thus results in inefficient outcome.

30) triangle is correct

Consumer surplus is the area below demand curve and above equilibrium price . This is a triangular area.

31) homogenous product is correct

Monopolistic competitive firms sell heterogenous products.

32) that products produced by firms are good substitutes is correct

Though products are differentiated but there are many firms and goods produced are close substitutes

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