7 Which of the following is true in the case of monopolistic competition but is not true in the case ofperfect competition?There is easy entry and exit in the market.None of the other choices correctly answers this question because they are all true for monopolisticcompetition and perfect competition.In the short run the firm can have an economic profit/loss/breakeven.O There are many buyers and sellers in the market.DQuestion 14Which of the following is true for both perfect competition and monopolistic competition?O The firm is a price maker.O The firm's marginal revenue is always equal to the selling price.O The firm sells a product that is identical to the product sold by all other firms in the industry.O The firm has zero economic profit in the long run.Question 15Electric and water utilities are examples of firms that are monopolistically competitive.TrueFalse

'The term market,' as used by economists, has a different meaning than it does in daily…

Which of the following is true in the case of monopolistic competition but is not true in the case of perfect competition? O There is easy entry and exit in the market, O None of the other choices correctly answers this question because they are all true for monopolistic competition and perfect competition. O In the short run the firm can have an economic profit/loss/breakeven. There are many buyers and sellers in the market.