82.When entry occurs in a monopolistically competitive industry, marginal costs
ID: 1198883 • Letter: 8
Question
82.When entry occurs in a monopolistically competitive industry,
marginal costs to society exceed the price people are willing to pay.
price is equal to marginal revenue gained by society.
the marginal revenue curve will shift to the left.
a smaller quantity will be demanded at any given price.
83.Shopping malls typically lease retail space to a large number of clothing stores. When this group of retailers competes to sell similar but not identical products, they engage in what economists call ________________________.
a cartel
collusion
monopolistic competition
perfect competition
marginal costs to society exceed the price people are willing to pay.
price is equal to marginal revenue gained by society.
the marginal revenue curve will shift to the left.
a smaller quantity will be demanded at any given price.
Explanation / Answer
82. the marginal revenue curve will shift to the left.
83.monopolistic competition
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