Which of the following is different about perfect competition and monopolistic competition? a. In monopolistic competition, entry into the industry is unblocked. b. Firms in monopolistic competition compete on their product's price as well as its quality and marketing. c. Perfect competition has a large number of independently acting sellers. d. Only firms in monopolistic competition can earn an economic profit in the short run

what market inefficiencies derive from monopolies and monopolistic competition?

how does a firm behaves in monopolistic competition and  explain the outcomes for the firm in the short run and in the long run.

Which situation is the best example of monopolistic competition? A. One company controls every steel mill in a country. B. Two gas stations operate on the same busy intersection. C. Two companies own every high-speed Internet provider in a country D. Several computer companies sell laptops with unique features.

A​ fast-food restaurant decides to raise the price of its hamburgers. Assume the firm is in a monopolistically competitive industry. What will happen to the demand for its​ hamburgers? When the​ fast-food restaurant raises the price of​ hamburgers,   A. some of its customers will be willing to pay a higher price because this restaurant is close to them.   B. none of its customers will be willing to pay the higher price and will stop buying hamburgers.   C. all of its customers will be willing to pay a higher price because this restaurant faces no competition.   D. all of its customers will be willing to pay the higher price because they prefer this brand of hamburgers .   E. none of its customers will be willing to pay the higher price because this restaurant faces competition from other restaurants

Which two curves in a monopolistically competitive market in the long run will be equal to each other due to firm entry and exit? a. marginal revenue curve and its total cost curve. b. marginal revenue curve and its average total cost curve. c. demand curve and its total cost curve. d. demand curve and its average total cost curve.

That is correct! Наpру Economics Mentor Okay, I think we can now determine what kind of market you operate in. Kim There are four main types of markets: perfectly competitive, monopolistically competitive, oligopolies, and monopolies. Kim The corn market- an agricultural market – is which kind of market? Kim a monopolistically competitive market an oligopoly a perfectly competitive market a monopoly Submit

Which of the following is likely to occur in the long run based on the graph of the monopolistically competitive firm below? A. New firms are likely to enter the market decreasing prices and profits for all firms. B. New firms are likely to enter the market increasing prices and profits for all firms. C. Existing firms are likely to exit the market decreasing prices and profits for all firms. D. Existing firms are likely to exit the market increasing prices and profits for all firms. E. none of the above

1. If Sam and Jack each produce the same quantity of appointments as would be produced in perfect competition, the total quantity of appointments is ___ the price per lesson would be ____ , and the economic profit of Sam and Jack would be____? 2. If Sam and Jack form a cartel and produce the same quantity of appointments as would be produced in a monopoly, the total quantity of appointments would be ____, the price per appointment is ____ and the economic profit of Sam and Jack is ____?  3. Would Sam and Jack have an incentive to break the cartel agreement and lower their price to increase the number of tennis lesson appointments?

Which of these markets is most likely to be identified as monopolistic competition?   Group of answer choices a. shoes b. corn c. gasoline d. shoes, corn and gasoline are all like monopolistic competition