Advertising is used by firms in a monopolistic competitive industry to differentiate their product from those of competitors, increase brand loyalty and increase demands for their individual products.

True

False

Compared to perfect competition, a monopolistically competitive market will producemoreoutput and charge alowerprice for those goods.

True

False

To differentiate its product, a monopolistic competitive firm will engage in direct marketing, mass marketing and interactive marketing practices.

True

False

The main characteristics of an oligopoly would be a homogenous product,thousands ofsellers in the market and independence from other producers.

True

False