In Monopolistic Competition, Each Firm Supplies a ________ Part of the Total
In monopolistic competition, each firm supplies a ________ part of the total industry output and its actions ________ the actions of the other firms.
A)small; do not directly affect
B)small; directly affect
C)large; do not directly affect
D)large; directly affect
E)large; may or may not directly affect
Monopolistic competition differs from monopoly because in monopolistic competition
A)firms maximize profits.
B)firms set marginal revenue equal to marginal cost to maximize profit.
C)firms are free to enter and exit.
D)All of the above are differences between monopoly and monopolistically competitive firms.
E)None of the above are differences between monopoly and monopolistically competitive firms.
Dole Co.operates in a monopolistically competitive market.Which of the following does not characterize Dole Co.'s market?
A)Dole Co. supplies a small portion of the market's output.
B)Dole Co.'s product is slightly different from its competitors.
C)Dole Co. faced no barrier to entry when it decided to enter its market.
D)Dole Co. is unable to collude with other firms in the market.
E)Dole Co. must pay close attention to the decisions of each of its competitors.
Which of the following goods is best described as being sold in a monopolistically competitive market?
E)the local newspaper