Monopolistic Competition and Oligopoly MC

Mutual interdependence means that a firm's

Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will decrease to

In monopolistic competition, a firm has a limited degree of "price making" ability. This means that the firm will

In which industry is monopolistic competition most likely to be found?

The consumer wifi service providers market is best described as a

excess capacity implies

If columns 1 and 3 are this firm's demand schedule, the profit maximizing level of output will be

What will be the economic profit or loss for this monopolistically competitive firm at the level of profit-maximizing level of output

Suppose some firms exit an industry characterized by monopolistic competition. We would expect the demand curve of a firm already in the industry to

In an oligopolistic market there is likely to be

One difference between monopolistic competition and pure competition is that

Under oligopoly if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry will

If curve (2) represents ATC and line (3) represents demand, then curve (1) and line 4 would be

in the long run, the representative firm in monopolistic competition tends to have

If columns 1 and 3 are this firms demand schedule, then economic profit will be

At long run equilibrium in monopolistic competition there is

A monopolistically competitive industry is like a purely competitive industry in that

In which market model is there mutual interdependence

monopolistic competitive firms are productively inefficiency because production occurs where

mutual interdependence means that each firm in an oligopoly

Demand and marginal revenue curves are downward sloping for monopolistically competitive firms because

Under monopolistic competition, entry to the industry is

A major distinction between a monopolistically competitive firm and an oligopolistic firm is that

in which set of market models are there the most significant barriers

In monopolistic competition there is an under-allocation of resources at the profit-mamimizig level of output which means that

At the profit maximizing level of output, marginal revenue is

The long run equilibrium price and output for this firm will be

A cartel is

This firm is

The downward sloping demand curve of a monopolistic competitor

If monopolistically competitive firms in an industry are making economic profit, then new firms will enter the industry and the product demand facing existing firms will

Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will

A major reason that firms form a cartel is to