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Author Question: Monopolistic competition differs from ________. A. monopoly because firms cannot set their own ... (Read 117 times)

karen

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on: Jun 29, 2018
Monopolistic competition differs from ________.
 
  A. monopoly because firms cannot set their own price
  B. oligopoly because firms produce differentiated goods or services
  C. perfect competition because the goods or services produced are diffe-rentiated
  D. monopoly because the good produced by each firm has no close subs-titute

Question 2

Compare the market supply curves in a perfectly competitive market and a monopoly market.
 
  What will be an ideal response?


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nmyers

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C Answer C describes the key difference between perfect com-petition and monopolistic competition.

Answer to Question 2

In a perfectly competitive market, the supply curve is the sum of all firms' supply curves. In a monopoly market, there is no supply curve. Supply is determined by how much the monopoly wants to produce given his marginal cost curve and the shape of the demand curve.


karen

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

softEldritch

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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