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Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Price equals average total cost in the long run Price is equal to marginal cost Free entry Identical products O O

Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Price equals average total cost in the long run Price is equal to marginal cost Free entry Identical products O O

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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please do both of the pictures and label corretcly. thank youuu

Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Price equals average total cost in the long run Price is equal to marginal cost Free entry Identical products O O
Transcribed Image Text:Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Price equals average total cost in the long run Price is equal to marginal cost Free entry Identical products O O
Most mountain bikes come equipped with either two 26-inch wheels or two 29-inch wheels. Tour Bicycles offers a special model with one 29-inch wheel on the front and a 26-inch wheel on the back. Tour claims the small rear wheel facilitates faster acceleration, while the bigger front wheel allows riders to clear obstacles more easily. Recently, Tour has also become the "Official Bike" of many well-known and famous professional cyclists. What is the source of product differentiation of Tour's mountain bike? Check all that apply. O Prestige Physical Differences Location Service True or False: Positive short-run profit can occur as a result of advertising in a monopolistically competitive market. True O False
Transcribed Image Text:Most mountain bikes come equipped with either two 26-inch wheels or two 29-inch wheels. Tour Bicycles offers a special model with one 29-inch wheel on the front and a 26-inch wheel on the back. Tour claims the small rear wheel facilitates faster acceleration, while the bigger front wheel allows riders to clear obstacles more easily. Recently, Tour has also become the "Official Bike" of many well-known and famous professional cyclists. What is the source of product differentiation of Tour's mountain bike? Check all that apply. O Prestige Physical Differences Location Service True or False: Positive short-run profit can occur as a result of advertising in a monopolistically competitive market. True O False
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