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Author Question: Suppose a monopolistically competitive industry evolved into a perfectly competitive industry. Which ... (Read 541 times)

@Brianna17

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Suppose a monopolistically competitive industry evolved into a perfectly competitive industry. Which of the following statements is correct?
 
  A) The industry would produce more output and charge a lower price after the change.
  B) The industry would produce at decreasing returns to scale.
  C) Elasticity of demand for the firm's product would remain the same after this change occurred.
  D) This industry would produce the same level of output at lower prices in the long run than before the change.

Question 2

If workers are homogeneous and face a monopsonist,
 
  A) they are likely to want to form a union.
  B) they are likely to want to negotiate one-on-one with their employer.
  C) it is likely that half will want to form a union, half will not.
  D) they are likely to move to another town.


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ebenov

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@Brianna17

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Reply 2 on: Jul 1, 2018
Excellent


debra928

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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