A market with few entry barriers and with many firms that sell differentiated products is
A) purely competitive.
B) a monopoly.
C) monopolistically competitive.
D) oligopolistic.
Question 2
From Equation (7.1 ) in the book, the short-run marginal cost of production is MC = w/MPL. Based on this equation, which of the following statements is NOT true?
A) If the marginal product of labor is constant, then MC is constant.
B) If the marginal product of labor is a concave curve, then the MC curve is also concave.
C) If the marginal product of labor is a concave curve, then the MC curve is U-shaped.
D) MC increases as the marginal product of labor declines.
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