Answers
8) The correct answer is C .
Explanation : - For a perfectly competitive , monopoly firm or a monopolistically competitive industry, the firms maximize the profit at the point where marginal revenue equals marginal cost.
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9) The correct answer is d.
Explanation:- Firms in monopolistic competition industry produce products that are differentiated. Product differentiation refers to the modification of the firms product to make it more attractive or more competitive against its competitors.
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10) The correct answer is b
Explanation :- An industry is highly concentrated if a few large sellers have a large market share.
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