13. The use of the word monopoly in the name of the market structure called mo- nopolistic...
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13. The use of the word "monopoly" in the name of the market structure called "mo- nopolistic competition" refers to the fact that
a. a monopolistically competitive firm faces a downward-sloping demand curve for its differentiated product and so does a monopolist.
b. monopolistically competitive markets have free entry and exit just like a mo- nopolistic market.
c. monopolistically competitive firms charge prices equal to their marginal costs just like monopolists.
d. monopolistically competitive firms produce beyond their efficient scale and so do monopolists.
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Related Book For
Study Guide For N. Gregory Mankiw's Principles Of Microeconomics
ISBN: 9783030019983
5th Edition
Authors: David R. Hakes
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