Answered: 11. In which of the following industry…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 1.2P

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Question

11. In which of the following industry structures is the entry of new firms the most difficult?

a. monopolistic competition

b. oligopoly

c. pure monopoly

d. pure competition

12. An industry comprised of a very large number of sellers for which entry or exit in the industry is easy

a. monopolistic competition

b. oligopoly

c. pure monopoly

d. perfect or pure competition

13. An industry comprised of a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions

a. monopolistic competition

b. oligopoly

c. pure monopoly

d. pure competition

14. Which of the following correctly arrays the various market structures in terms of their similarities to one another?

a. Pure competition, oligopoly, monopolistic competition, pure monopoly

b. Pure monopoly, oligopoly, monopolistic competition, pure competition

c. Pure competition, pure monopoly, monopolistic competition, oligopoly

d. Pure competition, oligopoly, pure monopoly, monopolistic competition

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