Which of the following is true of firms in both monopolistic competition and perfect competition?
a. Firms face a horizontal demand curve.
b. Price exceeds marginal revenue.
c. Firms can enter and leave the industry with relative ease.
d. Price exceeds marginal cost.
e. Products are differentiated.
Question 2
Environmentalists, worried about sulfur dioxide in the air, pressure the government to require bus manufacturers to modify exhaust systems in buses. In this situation,
a. benefits of the proposed requirements are more widespread than costs
b. benefits and costs of the proposed requirements are equally widespread because producers of buses will pass cost increases on to bus companies who will increase fares
c. pressure for government regulation is unnecessary because those who use buses will stop riding buses if they don't have cleaner emissions
d. bus riders are more likely to lobby against the proposal than are bus producers
e. bus riders are more likely to lobby against the proposal than are bus workers
Competition in a forest can be as intense as competition on a coral reef. However, much of the compe
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