Author Question: Which of the following is characteristic of monopolistically competitive industries? a. Product ... (Read 32 times)

abarnes · **on:** Jun 30, 2018

Which of the following is characteristic of monopolistically competitive industries?
a. Product differentiation.
b. A substantial likelihood of collusion.
c. Relatively small market shares of each producer.
d. Both (a) and (c) are characteristics of monopolistically competitive industries.

Question 2

Which of the following is true of property rights?
a. They are rights to use a public good without paying for it.
b. They usually specify the owner's alternatives.
c. The are associated with the exchange of commodities but not services.
d. They are often open-ended and do not exhaustively specify the owner's alternatives.