ECO 561 Final Exam: ECO 561 - If a firm in a purely competitive industry

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9) A good real-world example of monopolistic competition is A. lawyers B. gas stations C. Time Warner Cable D. groceries store Want to see the complete Individual Assignment Check..?? Click on:-eco 561 final exam 1 10) An industry comprising a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions, is called A. monopolistic competition B. oligopoly C. pure monopoly D. pure competition http://www.studentwhiz.com/
11) Price is constant or given to the individual firm selling in a purely competitive market because A. the firm's demand curve is downward sloping B. of product differentiation reinforced by extensive advertising C. each seller supplies a negligible fraction of total supply D. there are no good substitutes for its product 12) The most important pricing strategy for a perfectly competitive firm is A. minimizing cost B. maximizing sales C. product differentiation D. advertising http://www.studentwhiz.com/
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ECO 561 Final Exam: ECO 561 - If a firm in a purely competitive industry

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