Question 1
Which of the following features distinguishes monopolistically competitive firms from monopolies and oligopolies?
◦ Monopolistically competitive firms cannot influence market price by virtue of their size alone while monopolies and oligopolies can.
◦ Monopolistically competitive firms are not constrained by market demand while monopolies and oligopolies are.
◦ Monopolistically competitive firms are price takers while monopolies and oligopolies are not.
◦ Monopolistically competitive firms sell a homogeneous product while monopolies and oligopolies sell a differentiated product.
Question 2
In monopolistic competition, firms can have some market power
◦ by virtue of size alone.
◦ by producing differentiated products.
◦ because of barriers to entry into the industry.
◦ because of barriers to exit from the industry.
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