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Which of the following is true for a monopoly but is not true for a monopolistically competitive firm? The demand curve for the firm is downward sloping
Which of the following is true for a monopoly but is not true for a monopolistically competitive firm? The demand curve for the firm is downward sloping. The firm can have an economic profit/loss/break even in the short run. The marginal revenue curve is under the demand curve. The firm sells a differentiated product. There are barriers to entry that keep out competitors. Question 16 1 pts Which of the following firms is the best example of one that is monopolistically competitive? the only electricity provider within a city one of two airplane manufacturers one of 500 bakeries in Orange County one of a thousand cotton farmers
Expert Solution
15)
e) There are barriers to entry that keep out competitors.
In a monopolistically competitive market, there are no barriers for firms to enter or exit the market.
16)
c)
A monopolistically competitive market is one where many producers sell differentiated products.
500 bakeries produce a variety of goods thay differ from each other based on their tastes, smell and quality.
Therefore, option (c) is the correct option.
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