air (x 3 Micro × inelas × entry i × mono; × 6 de be. × @, why d x econo nelast x

Question

air (x 3 Micro × inelas × entry i × mono; × 6 de be. × @, why d x econo nelast x take yib ECON101 Canwas Coinbase II GDAXTradingView control of a key raw material Question 2 14 pts A monopoly differs from monopolistic competition in that o in a monopoly there are significant entry barriers but there are low barriers to entry in a monopolistically competitive market structure. O a monopoly can never make a loss but a firm in monopolistic competition can. o a monopoly faces a perfectly inelastic demand curve while a monopolistic competitor faces an elastic demand curve. a monopoly has market power while a firm have any market power in monopolistic competition does not Question 3 14 pts F3

Explanation / Answer

a monopoly faces a perfectly inelastic demand curve while in monopolistic competitor faces an elastic demand curve.

Demand curve for monopoly in inelastic because there is no other firm in the market from which consumer can purchase the good. So, whether price is higher or lower, quantity demand will be same. On the other hand, there are many sellers in monopolistic market which makes demand curve elastic.

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