Question 1
In a(n) ________ industry, firms are small relative to the total market.
◦ monopolistic
◦ monopolistically competitive
◦ oligopolistic
◦ Both monopolistically competitive and oligopolistic are correct.
Question 2
________ firms use a product differentiation strategy to achieve market power.
◦ Monopolistically competitive
◦ Monopolistic
◦ Oligopolistic
◦ Perfectly competitive