Monopolistically competitive firms do not create product differentiation by Select one: Brand names Celebrity connections Price differences Packaging Trademarks
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- Monopolistically competitive firms use product differentiation to Question 3Answer a. block other firms from entering the industry. b. limit the number of firms in the industry. c. ensure long-run profits. d. achieve market power.Monopolistic competition refers to a market where many firms sell differentiated products. Differentiated products can arise from characteristics of the good or service, location from which the product is sold, intangible aspects of the product, and perceptions of the product. Think about a small business you might enjoy opening. Typical examples might be a restaurant, specialty clothing store, or professional service. Assume that it will be in a monopolistically competitive market structure. How will you specifically differentiate your product from others in the market?Why do firms in monopolistic competition have market power? Group of answer choices Firms in monopolistic compeitition have few barriers to entry and exit. Firms in monopolistic competition sell differentiated goods, and consumers have preferences for some firms’ goods over those of others. There are many firms in monopolistically competitive markets, and each is small relative to the overall market. This is a common misconception. They don’t.
- Monopolistically competitive firms use product differentiation to a.limit the number of firms in the industry. b.ensure long-run profits. c.achieve market power. d.block other firms from entering the industry.Q20 Cannabis was legalized in Canada in 2017. If the cannabis sector in Canada has a four-firm concentration ratio of 24 percent Multiple Choice approximates pure competition. is an oligopoly. is a monopoly. it will be given a subsidy by Canada's the Competition Bureau. is monopolistically competitive.Describe an industry with monopolistic competition and identify an example in Canada.
- Question 5 In a monopolistically competitive industry, a firm’s demand curve also represents its... Group of answer choices marginal cost. profit. marginal revenue. average revenue.A monopolistically competitive firm is characterized by Question 17 options: a) many firms selling products that are similar but not identical b) many firms selling identical products c) a few firms selling products that are similar but not identical d) a few firms selling highly differentiated productsAs new firms enter a monopolistically competitive market, profits of existing firms a. decline and product diversity in the market increases. b. decline and product diversity in the market decreases. c. rise and product diversity in the market increases. d. rise and product diversity in the market decreases.
- Example of monopolistic competition ( product differentiation) homogenous product,differentiated product,perceived product, real differentiation, Market power in dominant segment,what leads to market power in the dominant segmentIn the long-run, the representative firm in monopolistic competition tends to have: Select one: A perfectly elastic demand curve Economic profits Maximized consumer utility Limited product differentattion Excess capacityAs firms leave a monopolistically competitive industry that is sustaining economic losses: choose correct and explain your choice a.the demand curve shifts to the right for the remaining firms in the industry. b. the demand curve shifts to the left for the remaining firms in the industry. c. total quantity demanded increases for the industry. d. the market supply curve shifts to the right.