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Author Question: A monopolistically competitive firm has ________ power to set the price of its product because ... (Read 94 times)

Chelseaamend

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on: Jun 29, 2018
A monopolistically competitive firm has ________ power to set the price of its product because ________.
 
  A) no; there are no barriers to entry
  B) some; there are barriers to entry
  C) no; of product differentiation
  D) some; of product differentiation

Question 2

Suppose the price of a soda is 2 each, the price of a hot dog is 3 each and the budget is 20. If the marginal utility of the fourth soda is 100 and the marginal utility of the fourth hot dog is 150, to maximize utility, a person will buy
 
  A) 4 sodas and 4 hot dogs.
  B) more hotdogs than 4 and fewer sodas than 4 because hot dogs provide more utility.
  C) more sodas than 4 to increase their utility.
  D) fewer sodas than 4 and more hot dogs than 4.


Tonny

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

D

Answer to Question 2

A


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Chelseaamend

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Reply #2 on: Jun 29, 2018
Correct answers!


Tonny

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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