Author Question: A market with few entry barriers and with many firms that sell differentiated products is A) ... (Read 87 times)

burton19126

  • Hero Member
  • *****
  • Posts: 532
A market with few entry barriers and with many firms that sell differentiated products is
 
  A) purely competitive.
  B) a monopoly.
  C) monopolistically competitive.
  D) oligopolistic.

Question 2

From Equation (7.1 ) in the book, the short-run marginal cost of production is MC = w/MPL. Based on this equation, which of the following statements is NOT true?
 
  A) If the marginal product of labor is constant, then MC is constant.
  B) If the marginal product of labor is a concave curve, then the MC curve is also concave.
  C) If the marginal product of labor is a concave curve, then the MC curve is U-shaped.
  D) MC increases as the marginal product of labor declines.



prumorgan

  • Sr. Member
  • ****
  • Posts: 326
Answer to Question 1

C

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

People often find it difficult to accept the idea that bacteria can be beneficial and improve health. Lactic acid bacteria are good, and when eaten, these bacteria improve health and increase longevity. These bacteria included in foods such as yogurt.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

Urine turns bright yellow if larger than normal amounts of certain substances are consumed; one of these substances is asparagus.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

For a complete list of videos, visit our video library