The table shows the total revenue of the 50 firms in the candy and confectionery industry. Total revenue (dollars) Firm What additional information would you need about the candy and confectionery industry to be sure that it is an example of monopolistic competition? Sugar Mountain Sugar + Spice Simply Candy Fudge Factory Next 10 firms (each) Next 16 firms (each) Next 20 firms (each) Industry 1,450 1,300 To be sure that the candy and confectionery industry is an example of monopolistic competition, we would need additional information about 800 650 200 O A. the market demand curve 150 O B. the price elasticity of supply OC. the type of technology used in production O D. product differentiation, barriers to entry, advertising, and competition on price, quality, and features 125 11,100 O E. the average total cost of each firm
The table shows the total revenue of the 50 firms in the candy and confectionery industry. Total revenue (dollars) Firm What additional information would you need about the candy and confectionery industry to be sure that it is an example of monopolistic competition? Sugar Mountain Sugar + Spice Simply Candy Fudge Factory Next 10 firms (each) Next 16 firms (each) Next 20 firms (each) Industry 1,450 1,300 To be sure that the candy and confectionery industry is an example of monopolistic competition, we would need additional information about 800 650 200 O A. the market demand curve 150 O B. the price elasticity of supply OC. the type of technology used in production O D. product differentiation, barriers to entry, advertising, and competition on price, quality, and features 125 11,100 O E. the average total cost of each firm
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Monopolistic Competition
Section: Chapter Questions
Problem 3PA
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![The table shows the total revenue of the 50 firms in the candy and confectionery industry.
Total revenue
Firm
What additional information would you need about the candy and confectionery industry to be sure that it is an
example of monopolistic competition?
(dollars)
Sugar Mountain
Sugar + Spice
Simply Candy
Fudge Factory
Next 10 firms (each)
Next 16 firms (each)
Next 20 firms (each)
1,450
1,300
To be sure that the candy and confectionery industry is an example of monopolistic competition, we would need
additional information about
800
650
200
O A. the market demand curve
150
O B. the price elasticity of supply
125
OC. the type of technology used in production
O D. product differentiation, barriers to entry, advertising, and competition on price, quality, and features
Industry
11,100
O E. the average total cost of each firm](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd96ed31-99b1-421a-9f01-36427776f3fc%2Fee9de9fa-8240-4a77-967a-96e7edf3c328%2Fjzhwy0t_processed.png&w=3840&q=75)
Transcribed Image Text:The table shows the total revenue of the 50 firms in the candy and confectionery industry.
Total revenue
Firm
What additional information would you need about the candy and confectionery industry to be sure that it is an
example of monopolistic competition?
(dollars)
Sugar Mountain
Sugar + Spice
Simply Candy
Fudge Factory
Next 10 firms (each)
Next 16 firms (each)
Next 20 firms (each)
1,450
1,300
To be sure that the candy and confectionery industry is an example of monopolistic competition, we would need
additional information about
800
650
200
O A. the market demand curve
150
O B. the price elasticity of supply
125
OC. the type of technology used in production
O D. product differentiation, barriers to entry, advertising, and competition on price, quality, and features
Industry
11,100
O E. the average total cost of each firm
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