Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly.
Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply.
AttributesCompetitive MarketMonopolistically Competitive Market
Few sellers
Free entry
Price is equal to marginal cost
Price equals average total cost in the long run
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Ответ:
The answer is below
Explanation:
Considering the available options, here are the attributes that characterize a competitive market, and a monopolistically competitive market.
A competitive market is characterized by Identical products and Price = MR, while Monopolistic competition is characterized by product differentiation and few sellers.
Hence, it can be written as:
Competitive markets
Product differentiation. No
Identical products Yes
Price=MRYes
Few sellersNo
Monopolistic competition
Product differentiation. Yes
Identical products No
Price=MRNo
Few sellersYes
Ответ: