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Economics
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In monopolistic competition, we usually observe:

a. large number of firms

b. homogenous product

c. imperfect information

d. barriers to entry

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Yusra Anees
Yusra AneesLv10
30 Mar 2021
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Related questions

How is oligopolistic competition different from monopolistic competition?

A. Oligopoly firms charge prices lower than marginal cost and monopolistic firms charge prices above the marginal cost.

B. There are no barriers to entry in oligopoly and there are many barriers to entry in monopolistic competition.

C. There are differentiated products in oligopoly and homogenous products in monopolistic competition

D. There are few firms in oligopoly and there are large number of firms in monopolistic competition 

What is the main difference between perfect competition and monopolistic competition?
A) Perfect competition has a large number of small firms while monopolistic competition does not.
B) In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods.
C) Perfect competition has no barriers to entry, while monopolistic competition does.
D) Perfect competition has barriers to entry while monopolistic competition does not

Another form of imperfect competition is monopolistic competition.

1. List three examples of real firms that operate in monopolistically competitive markets.

2. Compare and contrast a monopolistically competitive firm and a perfectly competitive firm. Hint: you should mention long-term economic profit, product differentiation, and barriers to entry.

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