SuuLLure is defined as having no barriers. meaning firms can freely enter and exit based on profit levels. Question 2 Listen A monopolistically competitive market structure is defined as having large barriers which prevent other firms from entering True False

A firm in a monopolistically competitive market has a monopoly power because: O There are very few other sellers in the market. There are many firms selling similar products. The firm is not concerned with entry of new firms. The firm's product is differentiated. ◄ Previous MAY 4 Next Not saved Submit tv

Which of the following is not a difference between perfect competition and monopolistic competition? The monopolistic competitor faces a downward sloping demand curve. Long run economic profit. Excess capacity. Mark up over marginal cost. « < Question 6 of 40 A Moving to another question will save this response. Close Window

In what sense do monopolistically competitive firms have market power? Question 1Answer a.  Firms in the long run will earn zero economic profits b.  The demand curve that a typical firm faces is negatively sloped c. Because of brand loyalty, a firm can raise the price of its product without worrying that any of its customers will switch to buy other similar brands d.  All of the answers are correct

17. Demand is given by Q = 220 P. Marginal cost is $120. Calculate the market equilibrium price, output, and any profits for: a. b. C. a monopoly context ? a Bertrand duopoly a Cournot duopoly

please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly

EOC 17.03 (and 17.04) As new businesses enter a monopolistically competitive market, what happens to profits of existing businesses and product diversity in the market? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a profits of existing firms rise and product diversity in the market increases. b. profits of existing firms rise and product diversity in the market decreases. profits of existing firms decline and product diversity in the market increases. d. profits of existing firms decline and product diversity in the market decreases.

If members of an oligopolistic industry wish to maximize profits for the industry, they will likely charge prices that are what a monopoly would charge and all together produce a quantity that is what a monopoly will produce. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с Question 13 Homework. Unanswered Due Today, 11:59 PM d greater than; equal to equal to; higher than greater than; higher than equal to; equal to Unanswered Submit

1) Are monopolists guaranteed of making economic profits?. pleas explain.2) Explain the long run equilibrium situation for a monopolistically competitive industry. Give two examples of industries that fit under this category.