Which of the following is the best description of monopolistic competition?. fir

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 I-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' attempts to make their products look the same as other products in the industry. refers to firms' attempts to make real or apparent differences in essentially substitutable products look 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 competition is vertical, horizontal. U-shaped, upward-sloping. downward-sloping and twice as steep as the demand curve

Explanation / Answer

1. b

2. e

3. b

4. d

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