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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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.
A monopolistically competitive firm is currently producing 25 units of output. At this level of output the firm is charging the highest price it can at $30, has marginal revenue equal to $21, has marginal cost equal to $21, and has average total cost equal to $22. From this information we can infer that
A. the firm is currently maximizing its profit.
B. the firm is earning zero profit.
C. increasing the quantity produced will raise per-unit costs.
D. firms are likely to leave this market in the long run.
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