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In monopolistic competition there is/are

barmour44

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In monopolistic competition there is/are

Question 1.

All of the following characteristics are common to both monopolistic competition and perfect competition except

▸ entry barriers into the industries are low.

▸ firms take market prices as given.

▸ the market demand curves are downward-sloping.

▸ firms act to maximize profit.

Question 2.

In monopolistic competition there is/are

▸

a few sellers who each face a downward-sloping demand curve.

▸

only one seller who faces a downward-sloping demand curve.

▸

many sellers who each face a downward-sloping demand curve.

▸

many sellers who each face a perfectly elastic demand curve.

Textbook

InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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johnsyke

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