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Author Question: Which market type has characteristics as follows: large number of firms, differentiated product? ... (Read 506 times)

tnt_battle

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on: Jun 29, 2018
Which market type has characteristics as follows: large number of firms, differentiated product?
 
  A) perfect competition
  B) monopolistic competition
  C) oligopoly
  D) monopoly

Question 2

Which of the following best describes the short-run supply curve for an individual perfectly competitive firm?
 
  A) It is the firm's marginal cost curve.
  B) It is the upward-sloping part of the firm's marginal cost curve.
  C) It is the vertical axis at prices less than minimum average variable cost and is the firm's marginal cost curve at prices above minimum average variable cost.
  D) It is the vertical axis at prices less than minimum average total cost and is the firm's marginal cost curve at prices above minimum average total cost.


nmyers

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

B

Answer to Question 2

C


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