1 answer

8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and...

Question:

8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and monopoly industries? a. MR P b. P-min(ATO c MR-MC e. P> MR 9. The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because a, entry into the market is blocked b. there are many firms in the market. Os C barriers to entry are very low d. products are differentiated. 10. The Discount Department Stores industry is highly concentrated. What does this mean? a. The sales volume in this industry is consistently high. b. A few large stores account for a significant portion of industry sales. cThere is cut-throat competition in this industry because there are no entry barriers. d. There are many stores such as Wal-Mart, Target, Kohls, in this industry

8. Which of the following is true for profit-maximizing firms in perfectly competitive, monopolistically competitive, and monopoly industries? a. MR P b. P-min(ATO c MR-MC e. P> MR 9. The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because a, entry into the market is blocked b. there are many firms in the market. Os C barriers to entry are very low d. products are differentiated. 10. The "Discount Department Stores" industry is highly concentrated. What does this mean? a. The sales volume in this industry is consistently high. b. A few large stores account for a significant portion of industry sales. cThere is cut-throat competition in this industry because there are no entry barriers. d. There are many stores such as Wal-Mart, Target, Kohl's, in this industry

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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