1. Conditions for monopolistic competition Consider the monopolistically competi

Question

1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly.

Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply.

Attributes Competitive Market Monopolistically Competitive Market Identitcal Products Many sellers Price equals average total cost in the long run Free entry

Explanation / Answer

Attributes Competitive Market Monopolistically Competitive Market Identitcal Products Yes No Many sellers Yes Yes Price equals average total cost in the long run Yes Yes Free entry Yes Yes

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