Which of the following is true about a monopolistically competitive firm?
A. It can earn an economic profit in the short run, but not the long run.
B. It can earn an economic profit in the short run and the long run.
C. It can earn an economic profit in the long run, but not the short run.
D. It cannot earn a economic profit in either the short or long run.
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The two types of imperfectly competitive markets are
A. monopoly and monopolistic competition.
B. monopoly and oligopoly.
C. monopolistic competition and oligopoly.
D. monopolistic competition and cartels.
The breakfast cereal industry, with its concentration ratio of 80%, would best be described as
A. a perfectly competitive market.
B. a monopolistically competitive market.
C. an oligopoly.
D. a monopoly.
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.
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.
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