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Author Question: The market structure in which a large number of firms compete by making similar but slightly ... (Read 92 times)

misspop

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on: Jun 29, 2018
The market structure in which a large number of firms compete by making similar but slightly different products is called
 
  A) monopoly.
  B) monopolistic competition.
  C) perfect competition.
  D) oligopoly.

Question 2

The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is 8, in the short run the firm will
 
  A) make zero economic profit.
  B) make an economic profit.
  C) incur an economic loss.
  D) None of the above answers is correct because more information is needed to determine the firm's economic profit or loss.


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Chocorrol77

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

B

Answer to Question 2

C


misspop

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

lindahyatt42

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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