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Author Question: A monopolistically competitive market is characterized by: a. many small sellers selling a ... (Read 60 times)

nevelica

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on: Jun 30, 2018
A monopolistically competitive market is characterized by:
 a. many small sellers selling a differentiated product.
  b. a single seller of a product that has few suitable substitutes.
  c. very strong barriers to entry.
  d. mutual interdependence in pricing decisions.

Question 2

Assume the price of good X is Px, price of good Y is Py, and B is the budget. The formula for the budget line for these two goods is:
 a. PyQy / PxOx.
  b. PxB + PyB = B.
  c. PxX + PyY = B.
  d. (1  Py / B) Px.


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tdewitt

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

c


nevelica

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

kthug

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

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