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barmour44 barmour44
wrote...
Posts: 304
A week 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.

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Edition: 1st
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johnsykejohnsyke
wrote...
Posts: 329
A week ago
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Answer 1

firms take market prices as given.

Answer 2

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

1

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