A monopolistically competitive industry has
A: significant barriers to entry
B: differentiated products.
C: mutually dependent firms.
D: a small number of large firms.
A: significant barriers to entry
B: differentiated products.
C: mutually dependent firms.
D: a small number of large firms.
举一反三
- For monopolistically competitive firms in long-run equilibrium:
- Which of the following characteristics is common to monopolistic competition and perfect competition? A: Firms produce identical products. B: Entry barriers into the industry are low. C: Each firm faces a downward-sloping demand curve. D: Firms take market prices as given.
- Which of the following statements is most accurate regarding the characteristics of a perfectly competitive market A: Firms" products are different. B: The competitors never earn economic profits. C: Barriers to entry into the market are nonexistent.
- In the simple circular-flow diagram, the participants in the economy are A: firms and government. B: households and firms. C: households and government. D: households, firms, and government.
- Which of the following correctly describes an oligopoly? A: A single firm has all of the market power. B: Several firms have market power and there is free entry and exit. C: Several firms have market power and there are barriers to entry. D: Several firms take the price as given and there is free entry and exit.