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- What does monopolistic competition have in common with monopoly? a.barriers to entry b.the ability to collude with respect to price c.a downward-sloping demand curve d.a large number of firms which one is the answer?b. Draw the diagram of a firm in monopolistic competition that is in the long run and another diagram for a monopoly firm making profits.The major difference between monopolistic competition and monopoly is a. how the quantity of output is determined. b. only a monopoly can earn an abnormal profit in the long run. c. monopoly is a price taker, and a firm in monopolistic competition is a price maker d. only firms in monopolistic competition are protected by barriers to entry
- Because a monopolistic competitor has some monopoly power, advertising to increase that monopoly power makes sense as long as: Choose correct and explain your choice a.the marginal benefit of advertising is positive. b.the marginal cost of advertising is positive. c.the marginal benefit of advertising exceeds the marginal cost of advertising. d.the marginal cost of advertising exceeds the marginal benefit of advertising.How does the presence of monopolistic competition influence product variety and innovation in a market? A. It decreases product variety and stifles innovation due to the lack of competition. B. It increases product variety and encourages innovation as firms seek to differentiate their products. C. It has no significant impact on product variety and innovation. D. It leads to standardization of products and processes, reducing product variety but increasing efficiency.A. What is monopolistic Output B. What is Monopolistic price C. What is total revenue
- Monopolistic competition is a market structure that has elements like ... Group of answer choices a. monopoly and competition b. monopoly c. competitionImagine that in a certain industry (choose any) monopolistic competition is replaced by monopoly. a. As a result of what can this happen? Describe a possible scenario. b. Using demand, marginal cost, and marginal revenue graphs, show how this decrease in competition will change market prices. Make appropriate comments on the graphs, paying special attention to the direction of changes. c. Describe what changes may occur in the methods of competition if the firm becomes a monopolyDescribe two of the factors that make up monopolies. 2. What is a natural monopoly? Give an example. 3. Describe the concept of how elasticity could exist with monopolies. 4. Describe price discrimination and price differentiation while also providing an example for each.
- The major difference between a monopolistic competition and monopoly is, a. monopoly is a price taker and a firm in monopolistic competition is a price maker. b. there are barriers to entry and exit in monopolistic competition and freedom to enter and exit in monopoly. c. only a monopoly can earn an abnormal profit in the long run. d. None of these.Suppose, Pfizer Company is the only company allowed by the Sultanate government to sell COVID vaccine in Oman. According to you, what type of market Pfizer Company is having in Oman? a. Monopoly market b. Monopolistic market c. Competitive market d. Oligopoly marketI need help with number 1 because I have no clue which one is correct. I need some sort of explanation 1. Which of the following is true of the model of monopolistic competition? a. Barriers to entry enable firms to enjoy positive profits in the long run. b. The number of firms declines over time as a result of economies of scale. c. The monopolistically competitive firms enjoy a greater market power than a monopolist. d. Firms tend to locate near each other in order to minimize total travel costs for consumers. e. The firms end up charging same prices for their individual products. 2. Which of the following is an example of price competition? a. Nike signs LeBron James to a $90 million contract for endorsements. b. Kellogg's puts the images of Snap, Crackle, and Pop on boxes of Cocoa Krispies, linking the cereal with Rice Krispies. c. McDonald's introduces new garden McSalads. d.…
