Perfect competition and monopolistic competition are similar in that both market structures include A. price-taking behaviour by firms. B. a homogeneous product. C. no barriers to entry. D. very few firm

31.Which of the following is a point of difference between perfect and monopolistic competition?  A. In perfect competition, the firms produce goods that are identical in all aspects, but under monopolistic competition, the goods are not identical  B. There are many barriers to entry in perfect competition but monopolistic competition does not have any such problems  C. There are many barriers to entry in monopolistic competition but perfect competition does not have any such problems  D. Under perfect competition, there are many firms of relatively smaller size, but that is not the case for monopolistic competition

Which of the following statements correctly identifies a difference between perfect competition and monopolistic competition? aIn perfect competition the firms all sell products that are exactly the same, but in monopolistic competition each firm sells a slightly differentiated product. bIn perfect competition firms maximize profit by selling the quantity where marginal revenue equals marginal cost, but in monopolistic competition firms maximize profit by selling the quantity where marginal revenue exceeds marginal cost. cn perfect competition there are few consumers, but in monopolistic competition there are many consumers. In perfect competition there are few consumers, but in monopolistic competition there are many consumers. dIn perfect competition there are many firms, but in monopolistic competition there are only a few firms.

Monopolistic competition is characterized by which of the following?Multiple select question.Firms make no attempt to distinguish their product or service from competing productsEntry to or exit from the industry is quite easyA relatively large number of sellers produce differentiated productsThere is widespread non-price competition

A significant difference between monopoly and perfect competition is that: Group of answer choicesfree entry and exit is possible in a monopolized industry but impossible in a competitive industry.competitive firms control market supply but monopolies do not.the monopolist's demand curve is the industry demand curve while the competitive firm's demand curve is perfectly elastic.profits are driven to zero in a monopolized industry but may be positive in a competitive industry.

Which of the following are attributes of a monopolistic competitive market?(i) many firms competing for the same group of buyers(ii) each firm produces a product that is slightly different from the other firms(iii) in the long run, entry into the industry is restricted A. (i) and (ii) only B. (ii) and (ii) only C. (i), (ii), and (iii) D. (i) only