Question 1: Firms in monopolistic competition earn _____profit in the long run m
ID: 1228174 • Letter: Q
Question
Question 1: Firms in monopolistic competition earn _____profit in the long run
multiple choice
a) positive
b) negative
c) zero
d) steady
Question 2:
The main feature of oligopolistic markets is_____
multiple choice
a) differentiated products
b) homogeneous products
c) no barriers to entry
d) interdependence
a) positive
b) negative
c) zero
d) steady
Question 2:
The main feature of oligopolistic markets is_____
multiple choice
a) differentiated products
b) homogeneous products
c) no barriers to entry
d) interdependence
Explanation / Answer
Firms in monopolistic competition earn _____profit in the long run
Solution: c) zero
Explanation: Monopolistically competitive firms earn zero economic profit in the long run.
The main feature of oligopolistic markets is_____
Solution: b) homogeneous products
Explanation: If the firms produce homogeneous products, then it is called pure or perfect oligopoly
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