Author Question: Market power refers to a firm's ability to (Read 80 times)

dmcintosh · **on:** Apr 19, 2019

Question 1

Monopolistic competition is an industry market structure with

◦ a single firm in which the entry of new firms is blocked.
◦ a small number of firms each large enough to impact the market price of its output.
◦ many firms each able to differentiate their product.
◦ many firms each too small to impact the market price of its output.

Question 2

Market power refers to a firm's ability to

◦ raise price without losing all sales of its product.
◦ charge any price it likes.
◦ sell any amount of output it desires at the market-determined price.
◦ monopolize a market completely.

karlss · **Reply #1 on:** Apr 19, 2019

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