Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Many sellers Easy entry Price equals average total cost in the long run Price taker
Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Many sellers Easy entry Price equals average total cost in the long run Price taker
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly .
Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply.
|
Attributes
|
Perfectly Competitive Market
|
Monopolistically Competitive Market
|
|
|---|---|---|---|
| Many sellers |
|
|
|
| Easy entry |
|
|
|
| Price equals average total cost in the long run |
|
|
|
| Price taker |
|
|
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