{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

c23sendout - 1 Monopolistic competition is characterized by...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Monopolistic competition is characterized by a: A) few dominant firms and low entry barriers. B) large number of firms and substantial entry barriers. C) large number of firms and low entry barriers. D) few dominant firms and substantial entry barriers. 2. Nonprice competition refers to: A) competition between products of different industries, for example, competition between aluminum and steel in the manufacture of automobile parts. B) price increases by a firm that are ignored by its rivals. C) advertising, product promotion, and changes in the real or perceived characteristics of a product. D) reductions in production costs that are not reflected in price reductions. 3. A monopolistically competitive industry combines elements of both competition and monopoly . The monopoly element results from: 4. The monopolistically competitive seller maximizes profit by producing at the point where:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}