In both monopolistically competitive and perfectly competitive industries A

In both monopolistically competitive and perfectly

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93) In both monopolistically competitive and perfectly competitive industries A) firms are price takers.B) there are many buyers and sellers.C) firms produce products for which there are no close substitutes.D) there are high barriers to entry.Answer: B 93) Diff: 1 Page Ref: 443/443 Topic: Comparing Perfect Competition and Monopolistic Competition Learning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison to other market conditions AACSB: Reflective Thinking 94) In the long run firms in both monopolistically competitive markets and perfectly competitivemarkets earn zero economic profits, but unlike perfectly competitive firms in the long run,monopolistically competitive firms 94) Diff: 1 Page Ref: 444/444 Topic: Comparing Perfect Competition and Monopolistic Competition Learning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison to other market conditions AACSB: Reflective Thinking 95) Compared to a perfectly competitive firm, the demand curve facing a monopolistically competitivefirm is 95) Diff: 2 Page Ref: 444/444 Topic: Comparing Perfect Competition and Monopolistic Competition Learning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison to other market conditions AACSB: Reflective Thinking 30
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