monopolistically competitive firm can raise price somewhat due to a. product dif
ID: 1128878 • Letter: M
Question
monopolistically competitive firm can raise price somewhat due to a. product differentiatiorn b. barriers to entry c. product similarity d. its homogeneous product e. high tariffs 3. Monopolistic competitors are a. price takers b. price searchers c. price maximizers d. price ignorers e. collusive price fixers 4. A rise in demand for restaurant meals is likely to cause which of the following in the long run? a. economic losses for each restaurant b. a lower price for each restaurant meal c. fewer restaurants in the industry d. more restaurants in the industry e. economic profit for restaurants 5. Firms in monopolistic competition and perfect competition typically a. are price takers b. produce identical products c. earn zero economic profit in the long rurn d. face a downward-sloping demand curve e. face an upward-sloping total revenue curve at all rates of output 6. Oligopolistic industries consist of a. a few independent firms b. a few interdependent firms c. many interdependent firms d. many independent firms e. a small monopoly 7. Collusion occurs when a. a firm chooses a level of output to maximize its own profit b. firms get together to maximize joint profits c. firms refuse to follow their price leaders d. firms petition their U.S. senators for favors e. two firms' price and output decisions come into conflictExplanation / Answer
2.
A monopolistically competitive firm can raise price somewhat due to:
a. product differentiation.
As products are differentiated from one another, so they can raise price somewhat.
3.
Monopolistic competitors are:
b. price searchers.
4.
A rise in demand for restaurant meals is likely to cause the following in the long run:
d. more restaurants in the industry.
5.
Firms in monopolistic competition and perfect competition typically:
c. earn zero economic profit in the long run.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.