Question 1
The restaurant industry is an example of a(n) ________ industry.
◦ perfectly competitive
◦ monopolistic
◦ monopolistically competitive
◦ oligopolistic
Question 2
A monopolistically competitive industry has all of the following characteristics
except
◦ there are no barriers to entry.
◦ strategic behavior.
◦ product differentiation.
◦ a large number of firms.