Which of the following characteristics is common to monopolistic competition and perfect competition?
A) Each firm faces a downward-sloping demand curve.
B) Entry barriers into the industry are low.
C) Firms take market prices as given.
D) Firms produce identical products.
Question 2
If Valerie purchases ankle socks at 5 and gets 25 units of marginal utility from the last unit, and bandanas at 3 and gets 12 units of marginal utility from the last bandana purchased, she
A) wants to consume more bandanas and fewer ankle socks.
B) is maximizing total utility and does not want to change her consumption of ankle socks or bandanas.
C) wants to consume less of both ankle sock and bandanas.
D) wants to consume more ankle socks and fewer bandanas.
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