Which of the following combinations of characteristics best describes a monopoli
ID: 1224140 • Letter: W
Question
Which of the following combinations of characteristics best describes a monopolistically competitive firm? Supplies a small share of the market and sells a product that is undifferentiated from other firms in the market. Supplies a large share of the market and sells a product that is undifferentiated from other firms in the market. Supplies a small share of the market and sells a product that is slightly different than its competitors. Supplies a large share of the market and sells a product that is slightly different than its competitors. Assume a monopolistically competitive firm is producing at an output level at which marginal revenue is $15 and marginal cost is $18. The profit-maximizing firm should raise output. lower output. keep output constant. The firm should take none of these actions.Explanation / Answer
7. supplies large share of teh market and sells a product that is slightly different than its competitors.
8. in this case the firm should reduce the output as marginal profit is decreasing.
9. b.rice discrimnation enables teh seller to increase her profit.
10. B. paying wages according to race or sex rather than productivity
11. b. its marginal revenue is greater than its marginal cost
12. . few firms and ease of entry and exit. basicaly teh barruer is low.
13. d. none of these statements are true.
14. a. significant barriers to entry
15. b. price discrimnation
16. c. marginal revenue equals average total cost
17. its the price 16 as there marginal revenue is equal to marginal cost
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