Product differentiation is important for firms and consumers in monopolistic competitive markets because ... (select all correct answers) □A. It reduces the price elasticity of the seller's demand curve B. it promotes economic profit in the long ru □ C. it promotes the entry of new firms in the market D. It increases choice and alternatives for buyers

Product differentiation is important for firms and consumers in monopolistic competitive markets because ... (select all correct answers) □A. It reduces the price elasticity of the seller's demand curve B. it promotes economic profit in the long ru □ C. it promotes the entry of new firms in the market D. It increases choice and alternatives for buyers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following are characteristics of monopolistic competition in the long run A. blocked entry into the market □ B. zero economic profit □ C. full efficiency □ D. lower production than competitive markets
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1. If the price of a movie rental is $4.00, Mary will rent 5 movies in a month. If the price of a movie rental is $3.00, Mary will rent 8 movies in a month. Mary’s price elasticity of demand for movie rentals is A. 0.00. B. 0.63. C. 1.00. D. 1.59. 2. A monopolistically competitive firm will benefit by spending some of its revenues advertising the product it produces. A. True B. False