Question
Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly.
Conditions for monopolistic competition
Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly.
1. CHECK ALL THAT APPLY:
Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither.
| Attributes | Perfectly Competitive Market | Monopolistically Competitive Market |
|---|---|---|
| Price equals average total cost in the long run | ||
| Few sellers | ||
| Product differentiation | ||
| Horizontal (flat) demand curve |
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Global Marketing
Authors: Johny K Johansson
5th Edition
0073381012, 9780073381015
