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In Chicago there are many restaurants. Each restaurant is slightly different from every other ...

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In Chicago there are many restaurants. Each restaurant is slightly different from every other ...

Question 1.

Perfect competition differs from monopolistic competition primarily because

▸ in perfect competition, firms have homogeneous products.

▸ in perfect competition, price is a decision variable.

▸ in monopolistic competition, entry into the industry is limited.

▸ in monopolistic competition, there are many firms in the industry.

Question 2.

In Chicago there are many restaurants. Each restaurant is slightly different from every other restaurant. Restaurants are an example of which market structure?

▸ perfect competition

▸ monopolistic competition

▸ oligopoly

▸ monopoly

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 57 times

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More solutions for this book are available here

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D-john Author

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Brilliant

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