QUESTION 21 If an oligopolistic firm attempts to increase its price: total revenue will increase. it faces an inelastic demand curve. " it faces an elastic demand curve. competitors will match its increased price. QUESTION 22 Monopolistic competition is like perfect competition in that they both: have numerous competitors. \" put labels on their products. erect barriers to entry. 7' make zero economic prot in the short run. QUESTION 23 One way to achieve product differentiation is through: clever labeling. a better location. 7' advertising. These are all ways to achieve product differentiation. QUESTION 24 Product differentiation: adds product information without increasing product cost. contributes to production efficiency. reduces price elasticity of demand. reduces product price. QUESTION 25 The kinked demand curve model assumes that if a rm raises its price, then its rivals will rm lowers its price, its rivals will the price decrease. \\ ignore; ignore match; match the price increase, and if a " ignore; match match; ignore