The number of firms in a monopolistically competitive industry means that
A) firms will collude.
B) existing firms in the industry will make sure new firms do not enter.
C) firms will not cooperate to set a pure monopoly price.
D) firms will try to set a common price.
C
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Arbitrageur is someone who buys or sells foreign exchange in hopes of profiting from fluctuations in the exchange rate over time
Indicate whether the statement is true or false
Figure 3-1
Which of the following is true regarding the market for steak shown in ?
a.
If the price of steak were $2 per pound, producers would want to supply less steak than consumers would want to buy.
b.
If the price of steak were $4 per pound, producers would want to supply more steak than consumers would want to buy.
c.
If the price of steak were $3 per pound, producers would want to supply the same amount of steak that consumers would want to buy.
d.
All of the above are true regarding the market for steak shown in the figure.