A market that produces aEunqueproduct and entry is aimestimpossible is called-Select one.OD Perfact.compatition.O c. Olligopoly.O d. Monopolistic competition.

Monopoly is a form of market structure which produces a unique product and there is no free entry…

Answered: A market that producas a umque product…

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Economics

A market that producas a umque product and entry is almest impossible is called-

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 14CTQ: Aside from advertising, how can monopolistically competitive films increase demand for their...

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Question

A market that produces aEunque
product and entry is aimest
impossible is called-
Select one.
OD Perfact.compatition.
O c. Olligopoly.
O d. Monopolistic competition.

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Compared with a perfectly competitive market, a monopolistically competitive firm's demand curve is O downward sloping. ohorizontal. O less elastic. Omore clastic
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9 of 15 Warwick Inc. produces in a monopolistically compettive market. Which of the following corectly explains howa fmin this market struchure would transition trom the short run to the long run? O The supemomal profits eamed by Warwick Inc in the short run will attract new firma into the market. This wil shit the market supply curve to the right, which will reduce the market price and the price faced by Warwick ine. The price wil keep falling until Average Revenue equals Average Cost and only normal profits are made. O The supermormal profits eamed by Warwick Inc. in the short run will attract new firms into he martet. This wil shit Warwick ine. demand curve to the left and t wit continue to shit left until Average Revenue equals Average Cost and only normal profits are made O The supemomal profits eamed by Wanwick Inc. in the short run will lead to the market demand aurve shifing to the right, which will raise the price fims can sell at and ts wil atract now frms into the market.…
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TI,e market for peanut butter in , utville is monopolistically competitive and in long-run cquilibriun,.One day, consumer advocate Skippy )if discovers thatall brands of peanut buuer in · utville arc identical.TI,ercalter, the market beromes perfectly compctiti vc and again reaches its long-run equilibriun. Usingan appropriate diagram, explain whether each of thefollowing varmblcs increases, decreases, or stays thesame for a typical firm in the market.a. priceb. quantityc. average total costd. margi.na.l coste. profit
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