1 29) A major distinction between a monopolistically competitive firm and an oligopolisticfirm is thatA) one is a price taker and the other is a price maker.B) a recognized interdependence exists between firms in one industry but not irthe other.C) one always produces differentiated products and the other always produces :homogeneous product.D) one necessarily faces a downward-sloping demand curve and the other ahorizontal demand curve.30) The following table is for a purely competitive market for resources.Number ofTotal ProductProduct PriceWorkers$311626334440344How many more workers will the firm hire when the wage rate is $15 instead of $30?A) 1 workerB) 2 workersC) 3 workersD) 4 workers31) If oligopolistic firms facing similar cost and demand conditions successfully collude,price and output results in this industry will be most accurately predicted by which of thfollowing models?A) the kinked demand curve model of oligopolyB) the price-leadership model of oligopolyC) the pure monopoly modelD) the monopolistic competition model

Introduction A monopolistically competitive is a market structure in which a large number of firms…

29) A major distinction between a monopolistically competitive firm and an oligopolistic firm is that A) one is a price taker and the other is a price maker. B) a recognized interdependence exists between firms in one industry but not ir the other. C) one always produces differentiated products and the other always produces : homogeneous product. D) one necessarily faces a downward-sloping demand curve and the other a horizontal demand curve.

29) A major distinction between a monopolistically competitive firm and an oligopolistic firm is that A) one is a price taker and the other is a price maker. B) a recognized interdependence exists between firms in one industry but not ir the other. C) one always produces differentiated products and the other always produces : homogeneous product. D) one necessarily faces a downward-sloping demand curve and the other a horizontal demand curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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