Which of the following is the best description of monopolistic competition? firm

Question

Which of the following is the best description of monopolistic competition? firm has no control over price easy entry, low markup horizontal demand curve for the firm barriers to entry, low markup barriers to entry, high markup Which of the following is evidence of market power? Output is fixed despite cost changes. markup The firm has perfect control over price. The demand curve for the firm is horizontal. Optimal output is less than industry output. Product differentiation refers to firms' attempt? to make their products look the same as other p refers to firms' attempts to make real or apparent differences in essential different in the minds of consumers. is a common characteristic of a perfectly competitive market structure. refers to the advantage big firms have in research and development. is employed only in a monopoly market structure. the shape and/or slope of the marginal revenue curve under monopolistic comp

Explanation / Answer

1. B

2.E

3. B

4. D

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