Monopolistically competitive firms
A) have market power because they can set price above marginal cost.
B) have no market power because they earn zero economic profit.
C) have no market power because of free entry.
D) have no market power because price equals marginal cost.
Question 2
Universities are able to act as monopsonists in the market for professors because
A) a university usually does not consider hiring faculty members from another institution.
B) faculty members usually have to move to a different city when changing universities.
C) students like all of their professors.
D) senior faculty members are willing to move to a new university at any cost.
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