Which of the following is an accurate statement about monopolistic competition?
a. Competing firms often conduct retaliatory moves.
b. Firms often act independently.
c. Markets often have few competing firms.
d. Firms often significantly influence the policy of competing firms.
b. Firms often act independently.
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The Cournot equilibrium can be found by treating ________ as a pair of simultaneous equations and by finding the combination of Q1 and Q2 that satisfy both equations
A) the reaction curves for firms 1 and 2 B) the market supply curve and the market demand curve C) the contract curve and the market demand curve D) the contract curve and the market supply curve E) the firm's supply curve and the firm's demand curve
The study of how consumers and producers interact in individual markets is
a. macroeconomics b. labor economics c. microeconomics d. econometrics e. development economics