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21. Monopolistic competition resembles pure competition because Answer both

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21. Monopolistic competition resembles pure competition because:

both industries emphasize nonprice competition.

in both instances firms will operate at the minimum point on their long-run average total cost curves.

both industries entail the production of differentiated products.

barriers to entry are either weak or nonexistent.
23. Monopolistic competition means:

a market situation where competition is based entirely on product differentiation and advertising.

a large number of firms producing a standardized or homogeneous product.

many firms producing differentiated products.

a few firms producing a standardized or homogeneous product.
25. The U.S. breakfast cereal industry is an example of differentiated oligopoly.
Answer True
Submitted: 5 years ago.
Category: Homework
Expert:  Linda_us replied 5 years ago.

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