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barmour44 barmour44
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4 years ago

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

InMicro


Edition: 1st
Authors:
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johnsykejohnsyke
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4 years ago
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barmour44 Author
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4 years ago
Thank you, thank you, thank you!
Roselalo
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Correct Slight Smile TY
fxinternational
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2 hours ago
Helped a lot
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