Consumers benefit from monopolistic competition by a

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40) Consumers benefit from monopolistic competition by A) being able to choose from products more closely suited to their tastes. B) paying the lowest possible price for the product.
41) The long-run equilibrium in a monopolistically competitive market is similar to the long-run equilibrium in a perfectly competitive market in that in both markets, firms
42) Nike has used Michael Jordan to create the impression that Air Jordan basketball shoes are superior to any other basketball shoes. Nike is attempting to B) lower the marginal cost of producing Air Jordan basketball shoes. C) increase its profit by raising the price of Air Jordan basketball shoes. D) convince consumers that Air Jordan basketball shoes are no different from other basketball shoes favored by celebrities.
43) Brand management refers to
44) Although advertising raises the price of a monopolistic competitor's product, it does confer a benefit to consumers. Which of the following is a benefit to consumers?
45) One goal a firm tries to achieve when it advertises a product is to
46) If buyers of a monopolistically competitive product feel the products of different sellers are strongly differentiated, then the demand for each seller's product is A) perfectly inelastic. B) perfectly elastic. C) relatively inelastic. D) relatively elastic.

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