What is this market structure that allow firms to produce the amount of the goods consistent with what is desired by the consumers and still maximize economic profits A. pure competition B. monopolistic competition C. olligopoly D. monopoly

a. Critically compare and contrast monopoly with perfect competition and explain why monopoly output and price level leads to deadweight loss.   b. Describe the characteristics of monopolistic competition and how and why monopolistic firms make decisions about product differentiation.

A Monopolistic competitive market has some features of perfect competitive markets and some of monopoly markets.  Given the statements below identify the one that is most likely to be seen in a monopolistic competitive market structure.    A. Collusion and price fixing between firms   B. Government anti trust oversight   C. standardized, homogeneous products   D. non Price competition such as advertising

Local gas stations in cities are an example of:   A. monopoly firms   B. monopolistic components   C. oligopoly firms   D. perfectly competitive   E. monopolistic competition