When an industry has many firms, the industry is
A. an oligopoly if the firms sell differentiated products, but it is monopolistically competitive if the firms sell identical products.
B. an oligopoly if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.
C. monopolistically competitive if the firms sell differentiated products, but it is perfectly competitive if the firms sell identical products.
D. perfectly competitive if the firms sell differentiated products, but it is monopolistically competitive if the firms sell identical products.
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In both perfect competition and monopolistic competition, each firm
A. sells identical products.
B. faces a downward-sloping demand curve its product.
C. has no monopoly power.
D. can enter or exit the market freely.
A similarity between monopoly and monopolistic competition is that in both market structures
A. there are a large number of sellers.
B. strategic interactions among sellers are important.
C. each firm faces a downward-sloping demand curve.
D. there are only a few buyers but many sellers.
For a monopolistically competitive firm,
A. marginal revenue and price are the same.
B. at the profit-maximizing quantity of output, marginal revenue equals marginal cost.
C. at the profit-maximizing quantity of output, price equals marginal cost.
D. at the profit-maximizing quantity of output, price equals the minimum of average total cost.
In the short run, a firm in a monopolistically competitive market operates much like a
A. firm in a perfectly competitive market.
B. firm in an oligopoly.
C. monopolist.
D. nonprofit firm.
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