Prctice Set Chapter 13Name___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1)Which of the following characteristics is common to monopolistic competition and perfectcompetition?1)A)Firms produce identical products.B)Each firm faces a downward-sloping demand curve.C)Firms take market prices as given.D)Entry barriers into the industry are low.
2)The key characteristics of a monopolistically competitive market structure include2)
3)In monopolistic competition there is/are3)
Figure 13-14)Refer to Figure 13-1.The marginal revenue from the increase in price from P0to P1equals4)