Question 1
Which of the following refers to products that differ from each other enough that they can be sold at different prices, but are similar enough that they can be considered the same product?
◦ necessary products
◦ standardized products
◦ complementary products
◦ differentiated products
◦ inferior products
Question 2
One prediction about monopolistic competition as a market structure is that it has higher unit costs than perfect competition. But it is unreasonable to conclude that monopolistic competition is therefore bad for consumers because
◦ consumers benefit from products becoming more homogeneous.
◦ higher production costs means more employment.
◦ consumers benefit from lower prices.
◦ consumers benefit because of an increase in quantity available.
◦ consumers benefit from an increased variety of products.
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