MICROECONOMICS QUESTIONS 1.Monopolistically competitive firms have an incentive to: A. engage in tactics for bringing in...
MICROECONOMICS QUESTIONS
1.Monopolistically competitive firms have an incentive to:
A. engage in tactics for bringing in more customers.
B. advertise.
C. engage in brand promotion.
D. All of these statements are true.
2.The good or service that firms in an oligopoly sell:
A. has no close substitutes.
B. has close substitutes.
C. is standardized.
D. can be either standardized or have close substitutes
Homework Answers
1) Monopolistic competitive firms produce goods that are close substitutes but are differentiated so in order to create value for them, monopolistic firms engage in tactics to increase the brand awareness, and advertises the unique features of the goods
option(D) all of the statements are true
2) Oligopoly have small firms which produce the goods which are close substitutes and standardized
option(D)
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MICROECONOMICS QUESTIONS
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