Author Question: Which of the following most closely approximates the conditions of a monopolistically competitive ... (Read 73 times)

jazziefee

  • Hero Member
  • *****
  • Posts: 505
Which of the following most closely approximates the conditions of a monopolistically competitive market?
 a. The market for Grade A eggs, which is characterized by a large number of firms producing a homogeneous product.
  b. The restaurant industry, which is characterized by firms producing a differentiated product in a market with low entry barriers.
  c. Local cable television service, where a licensed supplier competes with firms offering satellite service.
  d. The market for jumbo aircraft, where one major domestic firm competes with one major foreign firm.

Question 2

The ____ is the absolute value of the slope of an indifference curve.
 a. marginal rate of substitution
  b. average rate of transitivity
  c. relative rate of utility
  d. marginal rate of transposition



reelove4eva

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

b

Answer to Question 2

a



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

For a complete list of videos, visit our video library