Chapter 8 Market Entry, Monopolistic Competition, and Oligopoly

| February 14, 2018

86)
An example of a monopolistically competitive industry is cable television
service.

87)
An example of a monopolistically competitive industry is grocery stores.

88)
The price that a monopolistically competitive firm will charge depends on what
its competitors charge.

89)
In monopolistically competitive industries, firms find it easy to enter and
exit the market in the long run.

90)
In the short run, monopolistically competitive firms find their
profit-maximizing quantity by setting price equal to marginal cost.

91)
In the long run, monopolistically competitive firms earn zero economic profits.

92)
Some monopolistically competitive firms differentiate their products simply by
opening a new store at a different location.

93)
Describe some of the ways in which firms differentiate their products.

94)
Give five examples of industries that are monopolistically competitive.

95)
What is “monopolistic” about monopolistic competition?

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