7 One difference between monopolistic competition and perfect competition is that? A. Both market structures do not face barriers to enter nor leave the market. B. Monopolistically competitive firms have some power to set prices while perfectly competitive firms are price takers. C. Monopolistically competitive firms produce differentiated products while perfectly competitive firms produce a uniform product. D. Firms in both structures determine output at MR = MC. QUESTION 8 Which of the following statements is not true about indifference curves. OA. Along and indifference curve, the consumer trades-off a quantity of one good for a quantity of another good while obtaining the same level of utility from all the combinations of such goods. B. Indifference curves depict higher levels of utility as one moves away (up and to the right, also known as the north east of the first quadrant) from the origin (intersection of the vertical axis and the horizontal axis). OC. An indifference curve describes the occasions when a consumer is indifferent between consumption and production. OD. An indifference curve depicts all the combinations of goods that provide the same level of satisfaction to the consumer