Which of the adhering to conditions does NOT define a firm in a monopolistically competitive market?a. It sells a product different from its competitors.b. It takes its price as given by market conditions.c. It maximizes profit both in the short run and also in the lengthy run.d. It has the flexibility to enter or exit in the lengthy run.
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Which of the complying with sectors best fits the meaning of monopolistic competition?a. wheatb. tap waterc. crude oild. haircuts
A monopolistically competitive firm will certainly rise its production ifa. marginal revenue is better than marginal cost.b. marginal revenue is better than average full cost.c. price is greater than marginal price.d. price is greater than average full price.
New firms will enter a monopolistically competitive sector ifa. marginal revenue is better than marginal price.b. marginal revenue is greater than average full expense.c. price is higher than marginal cost.d. price is better than average full price.
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What is true of a monopolistically competitive market in long-run equilibrium?a. Price is higher than marginal expense.b. Price is equal to marginal revenue.c. Firms make positive financial earnings.d. Firms develop at the minimum of average complete cost.
If heralding renders consumers more loyal to certain brands, it might ________ the elasticity of demand and ________ the markup of price over marginal price.a. rise, increaseb. increase, decreasec. decrease, boosted. decrease, decrease