Question 1
In a monopolistically competitive industry
◦ firms are large relative to the total market.
◦ firms are small relative to the total market.
◦ firms can be either large or small relative to the total market.
◦ there is only one firm.
Question 2
Monopolistically competitive firms use a(n) ________ strategy to achieve market power.
◦ product differentiation
◦ dominant
◦ maximin
◦ opportunistic behavior