Which of the following statements best describes firms under monopolistic competition? a. There is little price or quality competition. b. The firms compete, using quality, location, advertising, and price. c. Firms do not compete using advertising. d. There is little competition between firms. 9.
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Individual firms are under obligation to sell their products as determined by the industry. If a firm sells its products above the price in the market, then no one will buy from the firm in consideration of the fact that there In a monopolistic competition, firm determines its own price level in a market segment.
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Monopolistic Competition; Oligopoly; Kinked Demand Curve; Condition for Long Run Equilibrium of a Firm. For a firm to achieve long run equilibrium, the marginal cost must be equal to the price and the long run average cost. That is, LMC = LAC = P. The firm adjusts the size of its plant to produce a level of output at which the LAC is minimum.
Jul 08, 2017 · In perfect competition, the product sold by different firms is identical, but in monopolistic competition, the firms sold near substitute products. The equilibrium position of these market are reached in different circumstances and are based on revenues earned and cost incurred.
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Question 4. Monopolistic competition differs from perfect competition primarily becaus— (a) in monopolistic competition firms can differentiate Question 6. Under which one of the following forms of market structure does a firm have no control over the price of its product? (a) Monopoly (b)...