Which of the following is characteristic of monopolistic competitive firms?The correct answer to the first question is c. easy entry and exit. In a monopolistically competitive market many firms sell similar (but not identical) products (for example, the restaurant industry). The entry and exit if free in the monopolistically competitive markets.
Which of the following conditions is a characteristic of a monopolistically competitive firm in a short run equilibrium?Which of the following conditions is characteristic of a monopolistically competitive firm in short-run equilibrium? Positive or negative profit in the short run and a zero profit in the long run.
Which of the following conditions is characteristic of a monopolistically competitive firm in long run equilibrium quizlet?Which of the following conditions is characteristic of a monopolistically competitive firm in long-run equilibrium? a firm will have chosen its best strategy, given the strategies chosen by other firms in the market.
Which of the following are characteristics of monopolistic competition quizlet?Characteristics of Monopolistic Competition:. Many sellers.. Product Differentiation.. Free entry and exit.. Long run profits = 0.. Firm has market power (not a price taker). Downward sloping demand curve.. Many close substitutes.. |