A firm is operating in the United States with only two other competitors in the industry. a. It is likely this industry would be characterized as: multiple choice 1 perfectly competitive. pure monopoly. monopolistically competitive. oligopoly. b. Firms in this industry will likely earn: multiple choice 2 an economic loss. an economic profit. a normal profit.
A firm is operating in the United States with only two other competitors in the industry. a. It is likely this industry would be characterized as: multiple choice 1 perfectly competitive. pure monopoly. monopolistically competitive. oligopoly. b. Firms in this industry will likely earn: multiple choice 2 an economic loss. an economic profit. a normal profit.
Chapter26: Monopolistic Competition And Oligopoly
Section: Chapter Questions
Problem 2E
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Question
A firm is operating in the United States with only two other competitors in the industry.
a. It is likely this industry would be characterized as:
multiple choice 1
-
perfectly competitive. -
pure
monopoly . -
monopolistically competitive. -
oligopoly.
b. Firms in this industry will likely earn:
multiple choice 2
-
an economic loss.
-
an economic profit.
-
a normal profit.
c. If foreign firms begin supplying the product, increasing the number of competitors, it is likely that:
multiple choice 3
-
economic profits will increase.
-
economic losses will become smaller.
-
economic profits will fall.
-
normal profits will increase.
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